NEW YORK (TheStreet) -- Petrobras (PBR.A - Get Report) stock is rising 0.91% to $4.45 in afternoon trading on Wednesday after CEO Pedro Parente said there will no longer be political interference at the Brazilian state-operated energy company.
Parente, who was sworn in today, also said the oil and gas company will set fuel prices based on its own interest and not for politically-based reason, Bloomberg reports.
Parente plans to lead the company through harsh financial times by selling assets to reduce its debt, which is the largest in the oil industry.
Brazil's acting President Michel Temer appointed Parente, who takes the helm in the midst of a corruption investigation into Petrobras, Bloomberg added.
The probe is seeking company officials who received bribes from suppliers seeking to gain contracts in a scheme that went on for about 10 years.
Separately, Petrobras has a "sell" rating and a letter grade of D at TheStreet Ratings because of the company's deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing stock performance.
You can view the full analysis from the report here: PBR.A
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