Downgrade to Petrobras’ credit rating

Regarding the downgrade to Petrobras’ debt rating announced by Moody’s, the company emphasises that it is working to guarantee the transparent and accurate disclosure of its 2014 financial results as soon as possible.

Furthermore, Petrobras is implementing a series of measures aimed at preserving its cash position and reducing its leverage. The company is revising its financial plan and it understands it should be necessary to reduce its investments, increase its disposals and study other options for funding and increasing its cash flow. Petrobras has also been working to enhance its internal controls, as demonstrated by the creation of its Governance, Risk and Compliance Department.

In its operational activities, Petrobras continues to seek to improve its results, as reflected in its successive production records in pre-salt, refining and natural gas supply.

Finally, the company reaffirms that it does not have any covenants related to the ratings downgrade by ratings agencies or related to having ratings below investment grade.

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