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Brazil gets boost with Moody’s debt rating upgrade

September 23rd, 2009

Moody’s Investor Services has given Brazil a boost by raising its debt rating to investment grade. The upgrade came a year after the other two major rating agencies took the same step.

Moody’s says the outlook for Brazil’s economy is positive, meaning it could get another upgrade in the future.

The upgrade issued Tuesday means Brazil has been labeled by Moody’s as a safe place to invest.

Brazilian officials hail the move as proof that Latin America’s largest economy is in excellent shape — and bound to emerge from recession faster than the economies of many developed nations.

Fitch Ratings gave Brazil its upgrade in May 2008, a month after Standard & Poor’s was the first to say the nation had reached investment grade.

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