Petrobras – Investor Relations

Petrobras

Investor Relations

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.

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