Moody's ups Petrobras

Moody's Investors Service said it upgraded the foreign currency bond ratings of Petroleo Brasileiro SA (Petrobras) and its wholly owned subsidiary, Petrobras International Finance Co. (PIFCo), to Ba1 from Ba2.

The outlook is stable.

Moody's said the rating actions were prompted by Moody's upgrade of Brazil's long-term foreign currency ceiling to B1 from B2. The Baa1 global local currency rating and Aaa.br national scale rating of Petrobras were not affected by these rating actions.

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