(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, Moodys Investor Services has increased the Companys local currency debt rating from Baa1 to A2. This increase reflects Moodys 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, Moodys recognizes the significance of the Companys 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.