Fitch gives Petrobras notes BB-

Fitch Ratings said it gave a long-term rating of BB- to Petroleo Brasileiro SA's (Petrobras) planned senior unsecured debt issuance. Subsidiary Petrobras Global Finance BV will sell the notes that Petrobras will guarantee.

“Petrobras' ratings are linked to Brazil's (BB-/negative) sovereign ratings due to its strategic importance to the country and the government's strong ownership and control. Petrobras' dominant market share in the supply of liquid fuels in Brazil coupled with a large hydrocarbon production footprint in the country exposes the company to government intervention through pricing policies and investment strategies,” Fitch said in a press release.

The company expects to use the proceeds to refinance debt and general corporate purposes.

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