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Research Update: Outlook On Petrobras Ratings Revised To Positive Following Sovereign Rating Outlook Revision May 11
Standard & Poors, May 2011
Abstract
We revised the outlook on the Petroleo Brasileiro (Petrobras) ratings to positive from stable, following an identical outlook revision on the foreign-currency ratings on the Federative Republic of Brazil. We affirmed the 'BBB-' corporate credit rating on Petrobras. We view Petrobras as benefiting from a very high likelihood of extraordinary support from the federal government. The positive outlook reflects our view that we could raise the ratings on Petrobras if the foreign-currency sovereign ratings on Brazil are raised. On May 23, 2011, Standard & Poor's Ratings Services revised its rating outlook to positive from stable on Brazil's national oil company, Petroleo Brasileiro S.A. (Petrobras), following an identical outlook revision on the sovereign ratings on the Federative Republic of Brazil. Standard...
Companies mentioned in this report are: Petroleo Brasileiro S.A. - Petrobras,Petrobras International Finance Co.
Action: Affirmed
Action: Outlook: Positive
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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