S&P rates Petrobras notes BB-

S&P said it assigned a BB- issue-level rating on Petrobras Global Finance BV’s planned senior unsecured notes due 2030 and will be guaranteed by Petroleo Brasileiro SA (Petrobras).

The notes will be issued in connection with an exchange offer and with cash tenders for several of Petrobras Global’s bonds maturing between 2023 and 2029.

“PGF will spend a maximum of $3 billion to be paid in cash for participants of the exchange offer, plus an additional $500 million on the concurrent tender offer for retail investors. These transactions are in line with our expectations and Petrobras' continued focus on reducing debt, and would also extend the company's already comfortable debt maturity profile, reducing future refinancing risks,” said S&P in a news release.

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