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Zurich North America’s Emerging Markets Group announced that it has issued a political risk policy on $600 million worth of bonds issued by a subsidiary of Petrobas, Brazil’s state-owned oil company.

The policy on the ten-year bonds, protects investors against against political risks, which include currency inconvertibility, transfer of the obligation and expropriation of funds protection. It enabled the securities to secure a ‘Baa1’ rating from Moody’s Investors Service, well above Brazil’s own ‘B1’ country rating.

At least part of the proceeds will go to offset the losses suffered when the company’s biggest oil rig sank last March following an explosion. Although the rig’s insurers will pay an estimated $500 million to cover the loss, new premiums are going to be significantly higher, and losses from decreased oil production weren’t covered.