Fitch Withdraws Petroleo Brasileiro S.A.'s Local Debenture Rating

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has withdrawn its 'AA+(bra)' rating on Petroleo Brasileiro S.A.'s debenture issuance of up to BRL3 billion.

The withdrawal of the rating follows Petrobras' cancelation of the issuance. As there is no set time frame for resuming the issuance process, no rating is required at this time.

FULL LIST OF RATING ACTIONS

Fitch currently rates Petrobras as follows:

Petroleo Brasileiro S.A.

--Long-Term Foreign-Currency IDR 'BB'; Outlook Negative;

--Long-Term Local-Currency IDR 'BB'; Outlook Negative.

Petrobras International Finance Company (PIFCO)

--International debt issuances 'BB'.

Petrobras Global Finance B.V. (PGF)

--International debt issuances 'BB'.

Petrobras Argentina S.A.

--International debt issuances 'BB'.

Date of Relevant Rating Committee: May 18, 2016

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria

Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage (pub. 17 Aug 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=869362

Additional Disclosures

Solicitation Statushttps://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1010056

Endorsement Policyhttps://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160805005743/en/

Fitch Ratings
Primary Analyst
Lucas Aristizabal, +1-312-368-3260
Senior Director
Fitch Ratings, Inc.
70 West Madison Street
Chicago, IL 60602
or
Secondary Analyst
Mauro Storino, +55-11-4504-2625
Senior Director
or
Committee Chairperson
Daniel R. Kastholm, CFA, +1-312-368-2070
Managing Director
or
Media Relations, New York
Elizabeth Fogerty, +1-212-908-0526
[email protected]

Source: Fitch Ratings

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