Brazil Property News: Brazil given second investment grading




30th May 2008 04:29


People considering buying property in Brazil could be interested to hear that the Latin American country has been assigned investment grade by another leading credit-ratings firm, it has emerged.

Fitch Ratings – one of the world's top three credit rating agencies – has increased Brazil's rating which suggests the country is ripe for investment.

The agency's report stated it had upgraded Brazil's long-term foreign currency IDR to BBB- from BB+.

A company statement said the rating reflects a dramatic improvement in the country's external and public sector balance sheet that "has greatly reduced Brazil's vulnerability to external and exchange rate shocks".

Shelly Shetty, senior director of the firm's sovereign group, said: "The impressive improvement in external finances … has made Brazil much more resilient to global financial shocks and enhanced the credibility of its macroeconomic policy framework."

Brazil was appointed investment grade by Standard and Poor's at the end of last month, a move which resulted in the Sao Paulo Stock Exchange Index soaring by 6.33 per cent to a record level, reports ANBA.

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