This excerpt taken from the PBR 6-K filed Mar 18, 2005.
(f) Credit risk
Aware of the increased competitiveness in the market where it operates, PETROBRAS has sought, over the past few years, to align its credit risk policy to ongoing changes so as to maintain the ability to finance its sales without increasing its exposure to credit risks.
In 2004, a new credit analysis system, Credit Flow, was implemented and two Credit Committees were established: Supply and Natural Gas & Energy. These committees represent discussion forums on the several aspects relating to credit concession and management.