Fitch assigns BBB- to Petrobras notes

Fitch Ratings said it assigned a BBB- rating to Petroleo Brasileiro SA's (Petrobras) proposed senior unsecured century notes issuance.

The notes, which mature in 2115, will be issued through wholly owned subsidiary Petrobras Global Finance BV (PGF) and will be unconditionally and irrevocably guaranteed by Petrobras.

Proceeds will be used for general corporate purposes.

Fitch currently rates Petrobras BBB-.

The outlook is negative.

Fitch said the ratings continue to reflect Petrobras’ close linkage with the sovereign rating of Brazil due to the government's control of the company and its strategic importance to Brazil as its near monopoly supplier of liquid fuels.

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