Business · Companies · 3 hrs ago
Fitch affirms Petrobras ratings and upgrades its standalone credit profile
Fitch kept Petrobras’s BB ratings and stable outlook for its long-term foreign- and local-currency debt.
It also maintained the Brazilian oil company’s national rating at AAA(bra), with a stable outlook.
Fitch raised Petrobras’s standalone credit profile from bbb to bbb+, citing better governance, strong cash flow and low debt.
The company’s overall ratings remain limited by Brazil’s BB sovereign rating, partly because the government holds 50.3% of its voting rights and can influence its decisions.
Fitch said Petrobras has shown effective oversight and transparency despite concentrated ownership, and expects production to exceed 3.2 million barrels of oil equivalent a day by 2029.
Brazil’s operating environment and the company’s financial flexibility also weigh on its standalone profile; no further rating action was announced.
Fitch affirmed Petrobras’ long-term foreign- and local-currency ratings at BB, with a stable outlook.
It also affirmed the company’s national long-term rating at AAA(bra), with a stable outlook.
Fitch upgraded Petrobras’ standalone credit profile from bbb to bbb+.
The upgrade reflects improved governance and management effectiveness, strong cash flow generation and low leverage.
The ratings remain constrained by Brazil’s sovereign rating of BB, partly because the government can influence Petrobras’ strategy and investment decisions.
- Who
- Fitch affirmed and upgraded ratings for Petrobras.
- What
- It affirmed the company’s BB long-term foreign- and local-currency ratings and upgraded its standalone credit profile from bbb to bbb+.
- When
- 2026-11-03.
- Where
- Brazil.
- Why
- Fitch cited improved governance and management effectiveness, strong cash flow generation and low leverage. Petrobras’ ratings remain limited by Brazil’s sovereign rating.
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- Foreign- and local-currency long-term ratings
- BB, stable outlook
- National long-term rating
- AAA(bra), stable outlook
- Standalone credit profile
- Raised from bbb to bbb+
- Brazil sovereign rating
- BB, stable outlook
- Government voting rights
- 50.3% of Petrobras’ voting rights