Fitch maintains our credit rating

The Fitch risk rating agency announced the maintenance of our corporate debt rating at BB, with a negative outlook.

In its report, the agency said that the company’s liquidity is currently supported by a robust cash position, stable cash generation, and by its ability to access the capital markets to refinance its debt.

The progress of the disinvestment program, which in 2015 and 2016 totaled $13.6 billion, was highlighted, and the agency said that the reduction of Petrobras’ debt will depend on the success of asset sales over the couple of years. The implementation of the gasoline and diesel pricing policy was also highlighted, showing the current administration’s greater transparency and independence.

Finally, Fitch believes that our risk level continues correlated with the sovereign risk due to the Federal Government’s shareholding and to the company’s strategic importance to the Brazilian market as its main supplier of fuel.

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