Standard & Poor’s improves Petrobras’ rating

Rio de Janeiro, February 10, 2017 – Petróleo Brasileiro S.A. – Petrobras informs
that credit rating agency Standard & Poor’s announced that it raised the rating
for the Company’s corporate debt to 'BB-' from 'B+' and altered its outlook to
stable from negative.

The agency noted on its report that the improvement in Petrobras’ rating
reflects the evolution of its liquidity and a robust cash position that confers
greater capacity to handle eventual liabilities. The recovery in the
relationship with domestic and foreign banks and in Petrobras’ capacity to
access capital markets was also highlighted by the agency, which considered debt
management operations to be positive. The progress in the Divestment Program and
the perspectives to reach the targets set for 2017 and 2018 were also
emphasized.

Standard & Poor’s further stressed the management's focus on profitability, a
more balanced capital structure, and the commitment with deleveraging, as well
as the consistency of the new Pricing Policy, which enables greater visibility
over Petrobras’ cash flow.

The agency also reinforced the progress in corporate governance and the measures
adopted to improve internal controls, relationship with suppliers, and
decision-making processes.
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www.petrobras.com.br/ir
Contacts:
PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investor Relations Department I e-mail:
petroinvest@petrobras.com.br
Av. República do Chile, 65 – 10th floor, 1002 – B – 20031-912 – Rio de Janeiro,
RJ | Phone: 55 (21) 3224-1510 / 3224-9947

FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, that are subject to risks and uncertainties.
The forward-looking statements, which address the Company’s expected business
and financial performance, among other matters, contain words such as “believe,”
“expect,” “estimate,” “anticipate,” “optimistic,” “intend,” “plan,” “aim,”
“will,” “may,” “should,” “could,” “would,” “likely,” and similar expressions.
Readers are cautioned not to place undue reliance on these forward-looking
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assurance that the expected events, trends or results will actually occur. We
undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information or future events or for any
other reason.

The Company’s actual results could differ materially from those expressed or
forecast in any forward-looking statements as a result of a variety of
assumptions and factors. These factors include, but are not limited to, the
following: (i) failure to comply with laws or regulations, including fraudulent
activity, corruption, and bribery; (ii) the outcome of ongoing corruption
investigations and any new facts or information that may arise in relation to
the “Lava Jato Operation”; (iii) the effectiveness of the Company’s risk
management policies and procedures, including operational risk; and (iv)
litigation, such as class actions or proceedings brought by governmental and
regulatory agencies.  A description of other factors can be found in the
Company’s Annual Report on Form 20-F for the year ended December 31, 2015, and
the Company’s other filings with the U.S. Securities and Exchange Commission.