However, in October 2016, Moody's had upgraded the company's ratings to B2. In April 2017, Moody's raised the company's corporate debt rating by one level to B1. Further in October 2017, the rating agency further upgraded the ratings to Ba3 from B1 on the back of liquidity improvement and reducing leverage metrics. The company's debt refinancing transactions and disciplined operational management also attributed to the ratings upgradation and positive outlook. In December 2017, Petrobras successfully managed to raise $1.5 billion in an IPO for its fuel distribution unit, Petrobras Distribuidora S.A. In the same month, it also won a financing deal with China Development Bank worth $5 billion to be matured in 2027. These developments signify that the company has emerged from the threat to its credit rating caused by the multibillion-dollar money laundering and bribery case.