This excerpt taken from the PBR 6-K filed Aug 19, 2005.
a) Moodys increases rating of debt in local currency from Baa 1 to A2
On July 08, 2005, PETROBRAS communicated that Moodys Investor Services increased the rating of PETROBRAS debt in local currency from Baa1 to A2. This increase reflects the application of the new Moodys rating methodology for government-related issuers -GRIs.
In foreign currency, the rating was maintained as Ba1 (positive prospects), i.e. only one level below the investment grade.