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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Elroy Jetson who wrote (21551)	8/24/2007 10:06:56 AM
From: elmatador	Respond to of 217587

Brazil's key ratings upgraded on better debt profile - Moody's Oh! in the middle of a crisis? Brazil's key ratings upgraded on better debt profile - Moody's Moody's Investors Service upgraded Brazil's key ratings, citing strong improvement in the government's overall debt profile, anticipated further reductions in the government debt burden, and expected continued strengthening of external debt indicators. The government's foreign- and local-currency bond ratings were upgraded to 'Ba1' from 'Ba2'. Brazil's foreign-currency bond ceiling was upgraded to 'Baa3/Prime-3' from 'Ba1/Not Prime', marking the first time Brazil's country ceiling for foreign currency bonds has been rated investment grade. This ceiling is based on the government bond rating and Moody's (nyse: MCO - news - people ) assessment of a moderate risk of a payments moratorium in the event of a government default. The country's ceiling for foreign-currency bank deposits was upgraded to 'Ba2' from 'Ba3'. The short-term foreign currency bank deposit ceiling remains 'Not Prime'. The outlook on the ratings and ceilings is stable. Moody's said Brazil appears better prepared than other emerging market economies to face a downturn in external economic conditions because of both its solid international reserve position and its diversified export structure in terms of products and geographic markets. However, it cautioned the government continues to face important credit challenges, including substantial gross financing needs that require additional strengthening of its debt profile in order to further reduce refinancing risks. Brazil's local-currency deposit ceiling as well as the local-currency bond ceiling -- the highest possible rating that could be assigned to obligors and obligations denominated in local currency within the country -- remain at 'A1'. TFN.newsdesk@thomson.com