S&P gives BBB- to Petrobras Global Finance bonds

Standard & Poor’s said it assigned its BBB- debt rating to Petrobras Global Finance BV’s senior unsecured notes due 2115.

The issuer is a wholly owned finance subsidiary of Petroleo Brasileiro SA - Petrobras (BBB-/negative/--). Petrobras will unconditionally and irrevocably guarantee the notes.

S&P said its BBB- corporate rating on Petrobras reflects S&P’s view that there is a “very high” likelihood that the Brazilian government would provide timely and sufficient extraordinary support to the company in the event of financial distress.

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