Standard & Poor's on Thursday revised the outlook for Brazil's state-controlled oil and gas giant Petrobras to positive from stable, following the credit rating agency's decision to upgrade Brazil's ratings outlook.

"S&P Global Ratings revised the global scale outlook to positive from stable on all corporate and infrastructure entities with ratings that are directly or indirectly limited by the sovereign," the agency said.

The agency changed the outlook on Brazil's sovereign ratings from stable to positive on Wednesday for the government's efforts to reduce its fiscal deficits.