Brazil's Credit Rating Raised by S&P After Overhaul of Tax Code
- Tax-code change adds to economic reforms being implemented
- Sovereign rating raised to two levels below investment grade
Fernando Haddad, Brazil’s finance minister, speaks during the Brasil Investment Forum in Brasilia, Brazil, on Nov. 7, 2023.
Photographer: Andressa Anholete/BloombergThis article is for subscribers only.
S&P Global Ratings lifted Brazil’s credit score after the recent approval of an overhaul of the country’s tax code added to a series of economic reforms that have been implemented in the past few years.
S&P raised Brazil’s sovereign rating by one notch to BB, two levels below investment grade, putting it on par with Guatemala and Dominican Republic. The outlook is stable.