Moody’s upgrades Petrobras

Moody's Investors Service said it upgraded all ratings of Petrobras (Petroleo Brasileiro SA)'s and ratings based on Petrobras' guarantee, including the company's senior unsecured debt and corporate family rating to B2 from B3 given lower liquidity risk and prospects of better operating performance in the medium-term.

At the same time, the agency raised the company's baseline credit assessment (BCA) to b3 from caa2.

Moody’s said the actions on Petrobras' ratings and BCA reflect improvements in the company's liquidity profile and in the regulatory framework in Brazil (Ba2 negative) over the last few months, which have reduced Petrobras' credit risk.

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