Fitch reviews Petrobra’s global ratings
Petrobras informs that Fitch Ratings reviewed Petrobras’ debt ratings from BBB to BBB-, and has placed these ratings on Rating Watch Negative. This grade keeps Petrobras as an Investment Grade Company.
According to Fitch, this revision reflects the increased uncertainty regarding Petrobras’ ability to record an adjustment to its fixed assets on a timely manner, increasing the risk that creditors could accelerate debt payments.
This review is also related to the potential impact of the corruption investigations in production growth, since it may affect negotiations with suppliers and equipment availability, delaying de delivery of production platforms.
Moreover, Fitch affirms that Petrobras rating continues to reflect its strategic importance to Brazil and the support of the Brazilian Government, the Company´s controlling shareholder.