Brazil's credit rating raised by Fitch

Brazil's credit rating was raised one level by Fitch Ratings which cited the economy's growth prospects and budget cuts (Financial Times, 04-Apr-2011). Fitch lifted the rating on Brazil's local and foreign currency debt from 'BBB-' to 'BBB' and its country ceiling from 'BBB' to 'BBB+'. The outlook is "stable". "The Rousseff administration has displayed signs of greater fiscal restraint, which coupled with healthy growth prospects should allow for a fall in Brazil's heavy general government debt burden," the rating agency said.