Moody's upgrades Petrobras

Moody's Investors Service said it upgraded the corporate family rating of Petroleo Brasileiro SA (Petrobras) to Ba2 from Ba3.

The upgrades were triggered by the recent affirmation of Brazil's government bond rating at Ba2 with the outlook changed to stable from negative.

The ratings also consider the company's continued success in improving its liquidity position and reducing debt leverage, Moody's said.

The agency also said it raised the company's baseline credit assessment to Ba3 from B1.

The outlook is stable.

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