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# Fitch Raises Petrobras Standalone Credit Profile To 'bbb+', Its First Such Upgrade Since 2020
- URL: https://www.bullished.co/fitch-raises-petrobras-standalone-credit-profile-to-bbb-its-first-such-upgrade-since-2020-67e2443f/
- Published: 2026-11-04T11:56:36.000Z
- Updated: 2026-11-04T11:56:36.000Z
- Description: Fitch cited governance and cash flow, but the "BB" global-scale rating and Stable Outlook stay put, the company said.
- Author: Matteo Parrino
- Tags: SEC Filings, PBR, Industry: Energy

Fitch has upgraded [Petrobras](https://www.bullished.co/tag/pbr/)' standalone credit profile to ["bbb+" from "bbb"](https://www.sec.gov/Archives/edgar/data/1119639/000129281426005140/pbr20261104%5F6k.htm?ref=bullished.co), the Brazilian oil company said Wednesday in a statement furnished to the SEC. The standalone profile measures a company's intrinsic credit quality, and Petrobras said it had not received an upgrade of this kind from Fitch since 2020.

## Governance and cash flow cited

According to Petrobras' account of the agency's report, the upgrade reflects effective governance and management, backed by a clearer track record of Board oversight and transparency.

Fitch also pointed to operating and financial performance: robust reserves, production scale, strong cash flow and low leverage. Petrobras said those traits place it at a level comparable to investment-grade international oil companies.

## Headline ratings unchanged

The upgrade does not move the main grades. Fitch affirmed Petrobras' global-scale credit rating at "BB" with a Stable Outlook, and its national-scale rating at "AAA(bra)", also with a Stable Outlook.

Petrobras, based in Rio de Janeiro, had a market value of $135.8 billion as of early Wednesday, the day of the announcement.

The company's release is dated Wednesday, November 4, 2026, and leaves both the global and national ratings where they were.

### Sources

- [Form 6-K — Fitch upgrades Petrobras' Standalone Credit Profile](https://www.sec.gov/Archives/edgar/data/1119639/000129281426005140/pbr20261104%5F6k.htm?ref=bullished.co) — SEC EDGAR

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