Fitch rates Petrobras Energia note BB+

Fitch Ratings said it assigned a BB+ rating to Petrobras Energia SA's $300 million unsecured notes due 2017.

The outlook is stable.

The agency said the senior unsecured notes are supported by a standby purchase agreement provided by Petrobras International Finance Co., a subsidiary of Petrobras Brasileiro SA (Petrobras). Under the terms of the standby purchase agreement and in the event that Petrobras Energia fails to make payment on the notes, Petrobras is obligated to buy the rights of noteholders and make payment on the notes to the trust.

The total debt-to-EBITDA ratio was 1.3x at the end of fiscal 2006.

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