In a great sign of confidence in Brazil’s booming economy, Standard & Poor’s has become the third ratings agency this year to upgrade Brazil’s sovereign debt.
Standard & Poor’s joined the other major rating agencies, Fitch and Moody’s who also raised Brazil’s local currency and foreign credit ratings this year. This is a major confirmation of the future of Brazil’s economy and should increase the interest by global investors to invest in companies in the country’s growing economy.
Of particular note, is that these three credit upgrades happened at time that the economies of Europe and the United States are floundering, and a year in which the United States had its credit rating downgraded for the first time.
In announcing the credit upgrade, Sebastián Briozzo, S&P’s credit analyst, was quoted as saying, “The upgrade of Brazil is supported by the current administration’s growing track record of prudent macroeconomic policies, including fairly consistent primary surpluses of close to 3 per cent of GDP.”
Author: Jeffrey Friedland
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Filed under: Brazil, Brazilian Dream, BRIC, Euro, Foreign Capital, Global Economy, Finance and Investments, Global Emerging Company, Global Finance, S&P, Standard & Poor's, U.S. Economy
