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This excerpt taken from the PBR 6-K filed Jul 11, 2005. Moody’s increases Petrobras’ local currency rating from Baa1 to A2 (Rio de Janeiro, July 8, 2005). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, announces that the rating agency, Moody’s Investor Services has increased the Company’s local currency debt rating from Baa1 to A2. This increase reflects Moody’s new rating methodology for government-related issuers (GRIs). Petrobras’ foreign currency rating was reconfirmed as Ba1 (with a positive outlook), that is, only one level below investment grade. With this decision, Moody’s recognizes the significance of the Company’s assets, revenues, and oil and gas reserves, the importance of the integration of its operations, its position as a leader in the Brazilian market and strong growth potential for the production of oil and gas both in Brazil and overseas. http: //www.petrobras.com.br/ri/english
Contacts:
Petróleo Brasileiro S.A – PETROBRAS
Investor Relations Department
Raul Adalberto de Campos– Executive Manager E-mail: petroinvest@petrobras.com.br Av. República do Chile, 65 - 4th floor 20031-912 – Rio de Janeiro, RJ (55-21) 3224-1510 / 9947 
This document may contain forecasts that merely reflect the expectations of the Company’s 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.
SIGNATURE
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: July 8, 2005
FORWARD-LOOKING STATEMENTS
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 oc cur. 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.
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