This excerpt taken from the PBR 6-K filed Jun 5, 2008.
Fitch upgrades Petrobras rating
(Rio de Janeiro, June 4, 2008). PETRÓLEO BRASILEIRO S.A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces that Fitch Ratings (Fitch) has upgraded the foreign currency debt rating of Petrobras and of its wholly-owned subsidiary PfiCo (Petrobras International Finance Co.) from BBB- to BBB with a stable outlook.
According to Fitch, the upgrade in Petrobras risk rating reflects its improved operating and financial performance and the strengthening of Brazils macroeconomic and fiscal policy fundamentals.
The rating reflects the material reserve volume, leadership position in the industry, greater transparency with the market, and improved corporate governance practices of Petrobras, in addition to the favorable oil and oil products prices in the international market.
Furthermore, the agency states that the recent discoveries made in the pre-salt exploratory frontier, over and beyond the companys new position as a net oil and oil products exporter, a shift that took place in 2005, will reinforce Petrobras position even more in the global oil and gas industry.
This document may contain forecasts that merely reflect the expectations of the Companys management. Such terms as anticipate, believe, expect, forecast, intend, plan, project, seek, should, along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: June 04, 2008
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.