TEXT-S&P rates Petrobras Global Finance notes 'BBB'

Sept 24 - Standard & Poor's Ratings Services assigned today its 'BBB' debt
rating to Petrobras Global Finance BV's (PGF) senior unsecured notes. PGF is a
wholly-owned finance subsidiary of Brazilian oil and gas company Petroleo
Brasileiro S.A. - Petrobras. The notes are denominated in euros and
sterling pounds and expected to be issued in three tranches due 2019, 2023, and
2029. The notes will benefit from unconditional guarantee from Petrobras. New
debt totals EUR2.0 billion and GBP450 million, and we expect the company to use
proceeds to partly finance its capital expenditures plan.

Our 'BBB' corporate rating on Petrobras reflects our view that there is a
"very high" likelihood that the government of the Federative Republic of
Brazil would provide timely and sufficient extraordinary support to the
company, if needed, in the event of financial distress. As a result, under our
government-related entity criteria, our ratings on Petrobras are one notch
above of the stand-alone credit profile (SACP), which we assess as 'bbb-'.

The SACP, in turn, reflect our assessment of Petrobras' business risk profile
as "satisfactory" due to its strong exploration and production activities and
a dominant market position in all aspects of the Brazilian hydrocarbon
industry. It also reflects the company's financial risk profile as
"intermediate," benefiting from a strong operating cash-flow generation
ability, adequate liquidity, and very strong access to the capital markets.
These factors offset the company's relatively tight expected credit metrics
for its financial risk profile and the expected negative free-operating
cash-flow until 2015.

RELATED CRITERIA AND RESEARCH

-- Petroleo Brasileiro S.A. - Petrobras 'BBB' Ratings Affirmed; The
Outlook Is Stable, Aug. 13, 2012
-- Revised Methodology For Oil And Natural Gas Price Assumptions, Nov.
16, 2011
-- Methodology And Assumptions: Liquidity Descriptors For Global
Corporate Issuers, Sept. 28, 2011
-- Rating Government-Related Entities: Methodology And Assumptions, Dec.
9, 2010
-- Stand-Alone Credit Profiles: One Component Of A Rating, Oct. 1, 2010
-- Key Credit Factors: Business And Financial Risks In The Oil And Gas
Exploration And Production Industry, Nov. 10, 2008

RATINGS LIST

Petroleo Brasileiro S.A. - Petrobras
Corporate credit rating BBB/Stable/--

Rating Assigned

Petrobras Global Finance BV
Senior unsecured notes BBB

Complete ratings information is available to subscribers of RatingsDirect on
the Global Credit Portal at www.globalcreditportal.com. All ratings affected
by this rating action can be found on Standard & Poor's public Web site at
www.standardandpoors.com. Use the Ratings search box located in the left
column.