Fitch Raises Petrobras Standalone Credit Profile To 'bbb+', Its First Such Upgrade Since 2020
Fitch cited governance and cash flow, but the "BB" global-scale rating and Stable Outlook stay put, the company said.
Fitch has upgraded Petrobras' standalone credit profile to "bbb+" from "bbb", 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.
