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S&P may upgrade Petrobras on Brazil’s economic strength

SAN FRANCISCO (MarketWatch) — Standard & Poor’s said late Wednesday it may upgrade the ratings of Petróleo Brasileiro SA given Brazil’s improved economic environment. S&P has a BBB- corporate credit rating on Petrobras and BBB- senior unsecured ratings on notes issued by subsidiary Petrobras International Finance Co. The move follows S&P’s upgrade of Brazil’s credit rating to investment grade earlier in the day. “The positive CreditWatch listing reflects our expectations that the company’s stand-alone credit profile will strengthen due to improvements in the macroeconomic environment in Brazil,” said Reginaldo Takara, an S&P credit analyst, in a statement.
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Original post by Forextvblog

This entry was posted on Wednesday, April 30th, 2008 at 6:01 pm and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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