Moody's upgrades Guara Norte notes

Moody's Investors Service said it upgraded Guara Norte Sarl’s $850 million of senior secured notes due in June 2034 to Baa3 from Ba1.

Guara Norte is the special-purpose vehicle owner of the Cidade de Ilhabela FPSO, which carries a production capacity of 150,000 barrels of oil equivalent per day (boed) and a storage capacity of 1.6 million barrels of oil.

“The upgrade of Guara Norte follows the recent upgrade of Petrobras, given its important role as operator of the oil field, guarantor to the FPSO's charterer and services agreement, and principal voice interacting with regulatory authorities in Brazil. The Baa3 rating balances the asset's strong intrinsic features and the various direct and indirect linkages between the project and both Brazil and Petrobras,” Moody’s said in a press release.

The outlook remains stable.

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