Standard and Poor’s raises Brazil’s ratings to triple B
Standard and Poor’s (S&P), the credit ratings agency, said that it decided to upgrade Brazil’s credit ratings to triple B from BBB- as a result of the country’s commitment to implement its financial targets.
The agency added that the ratings were related to the country’s long-term foreign currency sovereign credit with a stable outlook, whereas Brazil’s long-term local currency ratings were lifted up from BBB+ to A- also with a stable outlook, and short-term ratings were A-3 (foreign currency) and A-2 (local currency).
It also said that the administration of Brazil’s President, Dilma Rousseff, allowed for a more flexible monetary policy, moreover its reaction to inflationary pressures indicated its flexible policy and commitment to achieve economic stability.
In the current year, Brazil’s per capita Gross Domestic Product (GDP) is forecasted to grow by 2.1 percent and by 2.4 percent in 2012.
