The National Treasury remarked that the upgrade confirms the Brazilian government's endeavors to rebalance public accounts and enact essential economic reforms.
Back in 2018, the agency’s credit rating for Brazil had been downgraded to BB-. Upon reevaluation, however, it recognized the country “has achieved progress on important reforms.”
Mentioning Brazil’s degree of indebtedness and the lack of advancement in reforms that cut public spending, credit rating agency Fitch kept its grade for Brazil at BB-, three notches below investment grade.
Credit rating agency Fitch Ratings downgraded Brazil's sovereign debt rating to -BB with a stable outlook. The previous status had been BB with a negative outlook. The move brings Brazil closer to junk level.
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