- Brazil’s credit rating was raised to investment grade by Moody’s Investors Service after Latin America’s largest economy built record foreign reserves and averted a prolonged recession amid the global financial crisis.
- Moody’s cited Brazil’s “strong economic and financial resilience” during the worldwide slowdown as it raised the rating one level to Baa3, the lowest investment grade. The upgrade came a year after Standard & Poor’s and Fitch Ratings increased their ratings for Brazil above junk.
- Moody’s assigned a positive outlook, signaling it may lift the rating again.
- The country’s foreign reserves climbed to $223 billion .... reserves were $74 billion three years ago.
- Brazil’s currency is up 29 percent against the dollar this year, the second-best performance among the 16 major currencies after the South African rand.
- Brazil is the second country in South America after Chile to have an investment grade rating from Moody’s. [May 28, 2009: WSJ - Prudent Chile Thrives Amid Downturn]
The "capitalists" around your local corner? Not so much.
I got nothing more for you - all I can do is sigh deeply, smirk at the US dollar, and continue staring at the wall as I clap like a seal at the mechanical moving up of the stock market, which signals American prosperity. Yep.
[Aug 11, 2009: BW - Brazil's Coming Rebound]
[May 16, 2008: Brazil is Sexy]