Moody’s Investors Service on Monday upgraded the international credit rating of Brazil’s state-run oil company Petrobras by one notch to B1, with a “positive” outlook. The agency cited declining liquidity risks for Petrobras as well as an improved debt profile. Petrobras posted stiff losses in recent years in the wake of a sprawling corruption scandal and falling oil prices. In more recent months, however, Petrobras has staged a recovery, cutting costs, boosting revenues on higher oil prices and paying down debt via systematic sales of assets. The company, however, is still four notches below investment grade. Moody’s positive outlook, on the other hand, indicates the possibility of further upgrades later in the year.
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