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This excerpt taken from the PBR 6-K filed Oct 14, 2005. Moody’s ranks Petrobras as Investment Grade (Rio de Janeiro, October 13, 2005). - PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, informs that the rating agency Moody’s Investor Services announced today an improvement in the foreign currency bond ratings of Petrobras and its wholly owned subsidiary Petrobras International Finance Company (PIFCo) from Ba1 to Baa2, leading these companies to reach the “investment grade’ tier (with a stable outlook). The improved local currency rating from Baa1 to A2, announced on July 8 2005, was reiterated by the agency. This decision reflects Moody’s recognition of the reduction of Petrobras’ financial leverage, the importance of its integrated operations, and the growth in its international production and of its exports, all of which resulting in greater cash generation in foreign currencies.
PFICo’s rating was also upgraded to Baa2, reflecting the credit guarantees provided by Petrobras.
The change in the foreign currency bond ratings ranks Petrobras four notches above sovereign risk, which was also upgraded by Moody’s from B1 to Ba3 on October 12, 2005. 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: October
13, 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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