The continuous improvement in Petrobras’ liquidity profile and financial metrics in recent quarters has raised the company’s credit rating, corporate debt rating from B2 to B1 and changed the company’s outlook from stable to positive by rating agency Moody’s risk.
According to the agency’s report, the company’s increased cost efficiency and new pricing policy helped the company to maintain access to the capital market and to refinance part of its debt. The rating increase means that Petrobras has more credibility with respect to credit, which guarantees the state a “good-paying seal”.
For Petrobras President Pedro Parente, Moody’s review of Moody’s’s credit is an acknowledgment of the company’s intense work to improve its operating indicators and reduce its debts.
According to the agency, the positive outlook indicates that in the next 18 months, if the company’s liquidity and credit risk continue to improve, there may be further advances in Petrobras’ rating. Moody’s had previously raised the state’s rating to stable in October. In 2015 and 2016, after revelations of corruption cases in the Federal Police operation, Petrobras was downgraded by the same agency to the lowest rating level.
Continue to follow Panorama Offshore and stay informed about everything that happens in the oil, gas, energy, pre-salt, fuel, gasoline, Petrobras, onshore and offshore markets. Remember: your business passes through here. Check out: www.panoramaoffshore.com.br www.facebook.com/panoramaoffshore.ACESSE AS REDES DA PANORAMA OFFSHORE: