Fitch affirms Petrobras

Fitch Ratings said it affirmed the long-term foreign currency and local currency issuer default ratings and outstanding debt ratings of Petroleo Brasileiro SA (Petrobras) at BB- and national scale rating at AA(bra).

The outlook is stable.

Fitch also revised its assessment of Petrobras' stand-alone credit profile to BB+ from BB-.

“The stable outlook for Petrobras's foreign currency and local currency long-term issuer default ratings reflects the stable outlook for Brazil's sovereign rating,” the agency said in a news release.

“Petrobras' ratings are capped by Brazil's sovereign ratings (BB-/stable) due to government's strong ownership and potential control, and the company's strategic importance to the country.”

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