S&P rates Petrobras Global notes BB-

S&P said it assigned a BB- rating to Petrobras Global Finance BV’s proposed senior unsecured notes. The notes will be guaranteed by its parent Petroleo Brasileiro SA, which S&P rates BB-.

Petrobras plans to use the proceeds to reinforce its cash position, in line with management's recent actions to preserve liquidity amid the challenging industry conditions, the agency said.

“We expect Petrobras to post debt to EBITDA of about 6x in 2020 because of a significant drop in demand for oil and gas due to mobility restrictions and very low oil prices,” S&P said in a press release.

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