By Brazil Stock Guide – Vibra Energia S.A. (B3: VBBR3) said on Tuesday that it has obtained an investment grade rating from S&P Global Ratings, which assigned the company a BBB- global scale rating with a stable outlook. The rating stands one notch above Brazil’s sovereign grade, positioning Vibra among the few Brazilian corporates with investment grade status.
S&P said the rating reflects expectations that Vibra will continue to expand volumes and margins in the coming quarters, supported by its leadership in Brazil’s fuel distribution market, nationwide logistics network, and stronger operational efficiency. This should translate into rising EBITDA and consistent cash flow.
The agency projects that Vibra’s adjusted net leverage, which peaked at 4.2x in June following the R$3.4 billion ($590 million) acquisition of Comerc, will decline to 2.5x–3.0x by year-end 2025 and close to 2.0x in 2026. Comerc, now fully consolidated, adds 2.2 gigawatts of renewable capacity and is expected to contribute 15% of EBITDA this year.
According to CFO Augusto Ribeiro Júnior, the recognition underscores Vibra’s financial solidity: “Achieving investment grade strengthens confidence in our sustainable growth strategy, delivering value to both shareholders and customers”.
S&P also flagged longer-term risks tied to the use of Petrobras’ brands — licensed until 2029 with renewal under negotiation — and ongoing exposure to Brazil’s fragmented fuel market. Still, improved tax enforcement and regulatory oversight are boosting competitiveness. The stable outlook reflects expectations of improving operating metrics and liquidity robust enough to keep the company rated above Brazil’s sovereign
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