Moody's reported that it elevated Petrobras ' credit memo to a level, from Ba3 to BA2. The prospect was kept as stable. The action takes place shortly after the agency reaffirms Brazil's credit memo and improves the prospect of negative to stable, announced earlier.
According to Moody's, the decision also reflects the "continuous improvement in the state's liquidity position and the reduction of its leverage". "Petrobras has shown discipline in competing for profitability in the local fuel market and improving its financial policies."
The agency also pointed out that the State had the capacity to refinance its debts, which "reduced the weight of its financial commitments in the short term." "The company also contracted credit for US $4.35 billion, strengthening its liquidity position," reports Moody's report.
With Moody's action, the oil company has the same rating as the Brazilian rating, currently in BA2. Previously, Petrobras was a step below the evaluation of Brazil's credit memo.
Moody's is one of the 3 largest risk rating agencies, institutions that evaluate the accounts of countries and companies and assign a credit memo. The better the note, the safer the investment-and consequently the lower will be the interest levied by investors for, for example, investing in a country's debt securities.
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