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Petr?leo Brasileiro S.A. - Petrobras Dec 10
Standard & Poors, Dec 2010
Abstract
Sizable oil reserves and sound replacement rates; Recognized expertise in deepwater technology; Strong position in Brazil, with vertical integration and a de facto monopoly; and Support of the company's shareholder, the government of Brazil. Commitment to an aggressive capital budget for the next few years; Low geographic coverage; Risks of government interference in the oil industry in a stress scenario. Standard & Poor's Ratings Services' ratings on Petr-leo Brasileiro S.A. - Petrobras reflect its stand-alone credit profile, which we assess as 'bbb-'. This profile reflects the company's satisfactory business risk profile, characterized by the quality of its exploration and production (E&P) activities (quality, life, and replacement level of reserves), and dominant market position in all aspects of the Brazilian hydrocarbon...
Companies mentioned in this report are: Petroleo Brasileiro S.A. - Petrobras,Chevron Corp.,Statoil ASA,Brazil (Federative Republic of),Petroleos Mexicanos (PEMEX),Petrobras International Finance Co.,Braskem S.A.,ConocoPhillips
Action: Review
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.
Research Type: Full Analysis
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