Rating agency Fitch upgraded the Standalone Credit Profile (SCP) of Petrobras (PETR4) from 'bbb' to 'bbb+' on Wednesday, November 4, 2026. The SCP measures the company's intrinsic credit quality, that is, its ability to honor its debts considering only its own fundamentals. Fitch had not upgraded Petrobras' standalone profile since 2020.
According to the agency, the upgrade reflects the effectiveness of the governance and management of Petróleo Brasileiro S.A. (Petrobras), supported by a clearer track record of oversight by the Board of Directors and of transparency.
The report also highlights the company's operational and financial performance, underpinned by reserves, production scale, cash generation and low leverage (level of indebtedness). These factors place Petrobras on a level comparable to that of investment-grade international oil and gas companies.
Fitch also 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.
