The Ibovespa (IBOV) advanced for the first time in three days as Petroleo Brasileiro SA rallied after Brazil’s Finance Minister Joaquim Levy said the country will trim debt and seek a credit-rating upgrade.

The state-run oil producer contributed the most to the benchmark stock index’s gain. For-profit college operator Estacio Participacoes SA fell for a third straight day as steps by the Education Ministry last month made it harder for students to obtain loans.

The Ibovespa added 1.3 percent to 48,751.87 at 11:01 a.m. in Sao Paulo as 58 of its 68 stocks advanced. Levy told reporters in Brasilia today that the country plans to cut gross debt below 50 percent.

“That’s a complete change of tone from very pessimistic to a more positive, hands-on approach,” Raphael Figueredo, an analyst at the brokerage firm Clear Corretora, said in a phone interview from Sao Paulo.

Petrobras rose as much as 5.4 percent to 9.29 reais. Estacio declined 2.9 percent to 16.58 reais.

The benchmark stock index entered a bear market Dec. 12 after falling 22 percent from last year’s high in September. Trading volume of equities in Sao Paulo was 5.6 billion reais ($2.1 billion) yesterday, according to the exchange. That compares with a daily average of 7.29 billion reais in 2014.