CHICAGO--(BUSINESS WIRE)--Fitch Ratings has upgraded the foreign currency Issuer Default Rating (IDR) of Petroleo Brasileiro S.A. (Petrobras) and its wholly owned subsidiary, Petrobras International Finance Company (PIFCO) to 'BBB' from 'BBB-'; PIFCO is unconditionally guaranteed by Petrobras. Fitch has also upgraded the local currency IDR to 'BBB+' from 'BBB' for Petrobras and affirmed the national long-term rating at 'AAA(bra)'. The Outlook for all IDRs is Stable. Approximately US$8.7 billion of debt securities are affected.In conjunction with this action, Fitch has upgraded the following debt instruments, financing vehicles and subsidiaries:
Petrobras and PIFCO securities:
--Senior unsecured notes due 2008 upgraded to 'BBB' from 'BBB-';
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