S&P raises Petrobras Energia, gives notes BBB-

Standard & Poor's said it raised all ratings on Petrobras Energia SA to BB from B+.

The outlook is stable.

At the same time, the agency said it assigned a BBB- foreign currency rating to Petrobras Energia's $300 million proposed 10-year notes, adding that these notes benefit from credit support provided by the company's controlling shareholder, Petroleo Brasileiro SA (BBB-/stable), under the terms of a standby purchase agreement.

S&P said that the rating action is based on its perception of greater economic incentives from Petrobras, given its strategic importance as a key foreign subsidiary in Latin America.

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