S&P gives Petrobras notes BB-

S&P said it assigned its BB- debt rating to Petrobras Global Finance BV's proposed senior unsecured notes due February 2029.

The company will use proceeds from the issuance for general corporate purposes, including the repayment of upcoming maturities, such as the 2019 notes.

“We don't expect changes to the company's net leverage following this transaction,” the agency said in a news release.

S&P said it rates the senior unsecured debt the same as the corporate credit rating on Petrobras based on the guarantee of the debt and because the latter has limited secured debt collateralized by real assets.

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