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Financial News: PETROBRAS: Moody's Upgrades Rating To Ba2, Stable Outlook

PETROBRAS: Moody's Upgrades Rating To Ba2, Stable Outlook

04/10/2018 - 18:41:00 (RTTNews)

(RTTNews) - Risk agency Moody's upgraded Petrobras' credit rating to 'Ba2' from 'Ba3' with a stable outlook, following the decision to change the Brazilian 'Ba2' rating outlook to stable, from negative.

According to the agency, "the action on Petrobras' ratings also reflects the company's continued success in improving its liquidity position and reducing debt leverage," which Moody's expects to remain "solid in the foreseeable future."

Moody's also said that the Brazilian state-owned oil company had shown discipline in the competition in the local fuel market and in improving its financial policies.

For the agency, the cash generation of Petrobras in the next two years will be more than enough to cover the obligations, in addition to annual capital expenditures of about US$ 33.1 billion.

As for the divestment program, Moody's stresses that it can help the company reduce its debt and achieve the 2.5-fold target in the net debt/EBITDA ratio before the end of 2018.

"Solid amount of cash on hands plus revolving credit facilities provide a cushion in case legal disputes with investors, related to the Lava Jato investigations, result in large sums in settlements or fines."

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