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)
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