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S&P ups Petrobras Energia to B
Standard & Poor's said it raised its foreign currency rating on Petrobras Energia SA to B from B- and removed it from CreditWatch, where it had been placed on Dec. 28. The outlook is positive.
The rating action is based on S&P's perception of increasing economic incentives for Petrobras to support its subsidiary.
In light of the cross-default clauses between Petrobras and Petrobras Energia, S&P said the merger of most of Petrobras' Argentine operations under Petrobras Energia and the intercompany $200 million loan granted in February show a higher commitment from Petrobras to Petrobras Energia and enhance Petrobras Energia's financial flexibility.
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