Petrobras Global Finance B.V. -- Moody's changes Petrobras rating outlook to negative

New York, December 17, 2012 -- Moody's Investors Service changed the outlook for Petrobras S.A.'s (Petrobras) A3 global foreign currency and local currency debt to negative from stable. The negative outlook reflects the company's rising debt levels and uncertainty over the timing and delivery of production and cash flow growth in the face of a massive capital budget, rising costs and downstream profit pressures. We also see increasing linkage between Petrobras and the sovereign, with the government playing a larger role in the offshore development, the company's strategic direction, and policies such as local content requirements that will affect its future development plans.

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