Petróleo Brasileiro S.A. - Petrobras Feb 12

Standard & Poors, February 2012

Abstract
Sizable oil reserves and positive prospects to increase them; Recognized expertise in deepwater technology; and Support of the company's shareholder, the government of Brazil. Commitment to an aggressive capital budget for the next few years; and Expected credit metrics pressure during the completion of the business plan. Standard & Poor's Ratings Services' ratings on Petróleo Brasileiro - Petrobras reflect our view that there is very high likelihood that it would receive extraordinary support from the government of the Federative Republic of Brazil (foreign currency: BBB/Stable/A-3; local currency: A-/Stable/A-2) if needed. As a result, we have raised the ratings to one notch above the level of its stand-alone credit profile (SACP), which we assess as 'bbb-' under our GRE criteria. We...

Companies mentioned in this report are:
- Petroleo Brasileiro S.A. - Petrobras
- Brazil (Federative Republic of)
- Banco Nacional de Desenvolvimento Economico e Social
- Petrobras International Finance Co.

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

- Petroleo Brasileiro S.A. - Petrobras
- Brazil (Federative Republic of)
- Banco Nacional de Desenvolvimento Economico e Social
- Petrobras International Finance Co.

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