Fitch upgrades Brazil to investment grade

NEW YORK, May 29 (Reuters) - Fitch Ratings on Thursday upgraded Brazil's credit ratings to investment grade, becoming the second large rating agency in less than a month to give the coveted classification to Latin America's largest economy.

Fitch said in a statement that the upgrade "reflects the dramatic improvement in Brazil's external and public sector balance sheet."

It also praised Brazilian authorities for their commitment to low inflation and a primary budget surplus "that has dispelled previous concerns over medium-term fiscal sustainability."

Fitch upgraded Brazil's long-term foreign currency ratings to "BBB-" from "BB+"

(Reporting by Walter Brandimarte; Editing by Chizu Nomiyama)