Brazil’s Petrobras Credit Note Upgraded by Moody’s

Although the oil giant is still below investment grade, the risk agency shifted its outlook to positive, indicating that the rating may rise again at any time.

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – Risk rating agency Moody's upgraded Petrobras' credit note from B2 to B1 and shifted the outlook to positive, indicating that the rating may rise again at any time. Despite the upward revision however, the state-owned oil giant is four levels still below investment grade.

“The actions on Petrobras' ratings, BCA and outlook reflect Moody's expectation of continued improvement in the company's liquidity profile and financial metrics over the next twelve months, which reduces Petrobras' credit risk,” said the press release by the risk agency.

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