Moody’s upgrades Petrobras

Moody's Investors Service said it upgraded all ratings of Petrobras (Petroleo Brasileiro SA)'s and ratings based on Petrobras' guarantee, including the senior unsecured debt and corporate family rating to Ba3 from B1.

Moody’s said the upgrade reflects Petrobras' material liquidity improvement, declining debt leverage, solid management discipline and strengthened corporate governance.

Simultaneously, the agency upgraded the company's baseline credit assessment to b1 from b2 and changed the outlook to stable from positive.

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