Fitch assigns Petrobras notes BB-

Fitch Ratings said it assigned a long-term rating of BB- to Petroleo Brasileiro SA’s (Petrobras) proposed senior unsecured note issuance. The notes will be issued by Petrobras Global Finance BV and will be guaranteed by Petrobras.

The company plans to use the proceeds for general corporate purposes. Fitch currently rates Petrobras’ foreign- and local-currency long-term issuer default ratings BB-, with a negative outlook.

“Petrobras’ ratings are capped by Brazil’s sovereign ratings (BB-/stable) due to the government’s strong ownership and potential control and the company’s strategic importance to the country,” Fitch said in a press release.

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