Moody's Upgrades Brazil to Ba1 with Positive Outlook After Lula's NYC Meetings Amid 3% Growth

Oct 1, 2024, 08:59 PM

Moody's Investors Service has upgraded Brazil's sovereign credit rating to Ba1 from Ba2 and assigned a positive outlook, signaling the potential for the country to regain investment-grade status. Ba1 is one notch below investment grade. The upgrade reflects Brazil's improving economic conditions, including a 3% growth rate, and comes despite recent market concerns over fiscal deficits. The decision follows meetings in New York City last week between President Luiz Inácio Lula da Silva and Finance Minister Fernando Haddad with rating agencies.