Fitch raises Petrobras credit rating from BB to BB+, with stable outlook

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Risk rating agency also raised the rating of other Brazilian companies, following the improvement in the country’s credit risk. Petrobras headquarters building, in downtown Rio Marcos Serra Lima/g1 The risk rating agency Fitch raised Petrobras’ credit rating from BB to BB+ this Monday (31), with a perspective of stability for the company. According to Petrobras’ financial and investor relations director, Sergio Caetano Leite, the increase is in line with the reduction in the company’s cost of capital, with the “consequent generation of additional value for investors”. “Fitch recognizes, in its evaluation, Petrobras’ financial solidity. We will continue working so that Petrobras is increasingly perceived as a safe and profitable investment”, said the executive, in an interview with Agência Brasil. The increase in the company’s rating, which is the highest in the country, follows an improvement in the country’s sovereign credit rating, which went from BB- to BB last week, also with a stable outlook. According to the agency, “the upgrade of Brazil’s ratings reflects the above-expected macroeconomic and fiscal performance, in the midst of successive shocks in recent years, proactive policies and reforms that sustained this performance, as well as Fitch’s expectation that the new government will endeavor to make further improvements”. Fitch also raised the credit rating of other Brazilian companies, which also went from BB to BB+, such as Sabesp, Energisa, Comgás, Localiza and Rede D’Or São Luiz and Globo, for example. New shareholder remuneration and changes in pricing policy The improvement in the state-owned company’s rating comes after the company announced changes in its shareholder remuneration policy. Last Friday (28), the company issued a statement to the market which, among other points, allows for the possibility of repurchasing shares as a way of remunerating its shareholders. A little over two months ago, Petrobras also announced a change in its pricing policy, replacing the import parity policy (PPI). During this period, fuel prices on the foreign market took off from the values ​​practiced by the company and have been testing the new strategy. About this, Petrobras informed, this Monday, that it has been observing the unfolding of oil in the international market and the impacts on Brazil and that “possible readjustments, when necessary, will be carried out supported by technical and independent analyses”. “The company reiterates that product price adjustments are carried out in the normal course of its business, due to the continuous monitoring of the markets, which includes, among other procedures, analysis of competitive prices by sales center, in balance with the national markets and international, taking into account the best alternative accessible to customers”, says a statement.

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