S&P rates Petrobras notes BB-

S&P said it assigned its BB- debt rating on Petrobras Global Finance BV's proposed senior unsecured notes due January 2025 and January 2028, in an expected amount of up to $2 billion, subject to market conditions.

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

S&P said its BB- corporate rating on Petrobras reflect its improved liquidity position and governance standards after the "Lava Jato" corruption investigation as well as ongoing debt refinancing, which has allowed the company to extend debt maturities and to maintain a solid cash position.

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