Fitch reaffirms Petrobras’ global ratings

Rio de Janeiro, January 26, 2017 – Petróleo Brasileiro S.A. – Petrobras informs
that the rating agency Fitch has reaffirmed Petrobras’ global ratings at BB,
with a negative outlook.

Fitch points out in its report that the Company’s liquidity is currently
supported by a robust cash position, stable cash flow generation and its ability
to access the debt capital markets to refinance debt.

The progress of the Divestment Program, which in 2015 and 2016 totaled US$ 13.6
billion, was emphasized. Fitch states that future debt reduction will depend on
the success of Petrobras' divestiture program in the next two years. The
implementation of a diesel and gasoline price policy was also highlighted, as it
demonstrates higher transparency and independence of current management.

Finally, the agency considers that the Company’s risk level continues to be
linked to the sovereign risk, due to the government’s control of Petrobras and
its strategic importance to Brazil, as its most important supplier of fuels.



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www.petrobras.com.br/ir
Contacts:
PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investor Relations Department I e-mail:
petroinvest@petrobras.com.br
Av. República do Chile, 65 – 10th floor, 1002 – B – 20031-912 – Rio de Janeiro,
RJ | Phone: 55 (21) 3224-1510 / 3224-9947

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events or for any other reason.

The Company’s actual results could differ materially from those expressed or
forecast in any forward-looking statements as a result of a variety of
assumptions and factors. These factors include, but are not limited to, the
following: (i) failure to comply with laws or regulations, including fraudulent
activity, corruption, and bribery; (ii) the outcome of ongoing corruption
investigations and any new facts or information that may arise in relation to
the “Lava Jato Operation”; (iii) the effectiveness of the Company’s risk
management policies and procedures, including operational risk; and (iv)
litigation, such as class actions or proceedings brought by governmental and
regulatory agencies.  A description of other factors can be found in the
Company’s Annual Report on Form 20-F for the year ended December 31, 2015, and
the Company’s other filings with the U.S. Securities and Exchange Commission.