New York, April 27, 2015 -- Moody's Investors Service today confirmed all ratings for Petroleo Brasileiro S.A. - PETROBRAS. and ratings based on Petrobras' guarantee. This includes the confirmation of Petrobras' senior unsecured debt at Ba2. The company's Baseline Credit Assessment (BCA) is unchanged at b2. This rating action concludes the review for downgrade and reflects the publication of 2014 financial statements with an unqualified audit opinion. The review focused on liquidity pressure that could have arisen if the company had failed to satisfy covenant provisions requiring timely delivery of audited annual statements, given the accounting uncertainties related to its recent history of large improper payments. The outlook is stable for Petrobras and its guaranteed debt. The unguaranteed ratings of Petrobras Argentina S.A., including the B2 Corporate Family Rating, were affirmed. The rating outlook for unguaranteed ratings of Petrobras Argentina continues to be negative.

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