(Petrobras, 8.Feb.2022) — Petrobras announced that the rating agency Fitch reaffirmed its rating at “BB-“, with negative outlook, following the Brazil’s rating. The standalone rating was also reaffirmed at “bbb”, four notches above the country.
The agency considers Petrobras’ ratings to be linked to those of the sovereign given the company’s strategic importance to the country and government control. Fitch considers that the stand-alone rating reflects the company’s strong capital structure, production growth trend, and declining debt levels.
Fitch also pointed out that it expects the company to continue to post positive free cash flows while continuing to invest to replenish its reserves.
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