Moody’s upgrades Petrobras’ rating


Rio de Janeiro, April 10, 2017 – Petróleo Brasileiro S.A. – Petrobras informs
that the rating agency Moody’s upgraded the company’s corporate debt rating to
B1 from B2 and changed the outlook to positive from stable.

Moody’s highlighted the continuous improvement of Petrobras’ liquidity profile
and financial metrics over the last quarters on its report, due to greater cost
efficiency and the new fuel pricing policy, among other factors. Those factors
have also helped the company to maintain access to capital markets and refinance
part of its debt.

The agency emphasized developments in the Brazilian regulatory environment,
which facilitate greater returns in long-term investments. Additionally, the
agency recognized the company’s management commitment to achieve the financial
and operating targets set in the 2017-2021 Business and Management Plan.

Finally, the agency reported that the positive outlook indicates that, in the
next 18 months, if the company's liquidity and overall credit risk continues to
improve, further positive rating actions could occur.




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www.petrobras.com.br/ir
Contacts:
PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investor Relations Department | 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
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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.