Brazil-based oil and gas exploration and production company Petro Rio S.A. plans to issue $450 million in senior secured notes due 2025, through its wholly-owned subsidiary, Petrorio Luxembourg S.A.R.L, which would ease its liquidity pressures. On Sept. 9, 2020, S&P Global Ratings assigned its preliminary 'B' long-term issuer credit rating on the company. The outlook is stable. In addition, we assigned a preliminary 'B+' issue-level rating and a recovery rating of '2' to the company's proposed senior secured notes, given the substantial recovery expectation on its notes (70%-90%). The final ratings are conditional on the successful notes issuance, including the proposed terms. Consequently, the preliminary ratings shouldn't be viewed as evidence of a final rating. The stable outlook incorporates our
