Petrobras committed to investment-grade debt, no stock sale -CFO

RIO DE JANEIRO, March 19 Tue Mar 19, 2013 11:05am EDT

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RIO DE JANEIRO, March 19 (Reuters) - Brazil's state-controlled oil company Petroleo Brasileiro SA and its board of directors are committed to maintaining their investment-grade debt rating and not selling new stock, Chief Financial Officer Almir Barbassa told investors on a conference call Tuesday.

While the company's debt has passed Petrobras' internal limit of 2.5 times earnings before interest, taxes, depreciation and amortization (EBITDA), that ratio is expected to fall below the limit over time, Barbassa said.

The company also said Petrobras plans to double the supply of domestic gas to the Brazilian market by 2020 and double the capacity of liquefied natural gas (LNG) import terminals in the same period.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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