# Petrobras corporate governance and credit upgrades

> Developing situation record from CLSTR: https://clstr.news/situations/petrobras-corporate-governance-and-credit-upgrades
> Updated: 2026-11-07T13:01:09.000Z. Sources: 6. Developments: 2.

Petrobras has achieved significant milestones regarding its corporate governance and credit standing. The company became the first Brazilian firm to reach Level 4 maturity in the Internal Audit Capability Model (IA-CM), a recognition of its structured processes and governance following a year of external validation. 

Concurrently, Fitch Ratings upgraded Petrobras’s Standalone Credit Profile (SCP) from ‘bbb’ to ‘bbb+’, marking its first upgrade of this indicator since 2020. This financial improvement coincides with strong operational performance, including record production levels in the third quarter of 2026 and high refinery utilization rates.

## Timeline

### 2026-11-07: Petrobras receives credit profile upgrade amid high refinery utilization

Fitch upgraded Petrobras’s standalone credit profile to “bbb+” as the company reports record production and high refinery utilization.

3 sources. https://clstr.news/cluster/petrobras-receives-credit-profile-upgrade-amid-high-refinery-utilization

### 2026-11-04: Petrobras achieves international audit maturity rating and credit upgrade

Petrobras has reached Level 4 maturity in the international IA-CM audit model, becoming the first Brazilian company to do so, while also receiving a credit profile upgrade from Fitch.

3 sources. https://clstr.news/cluster/petrobras-achieves-international-audit-maturity-rating-and-credit-upgrade

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Cite as: Petrobras corporate governance and credit upgrades. CLSTR, https://clstr.news/situations/petrobras-corporate-governance-and-credit-upgrades