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BRAZIL: Moody’s Raises Sovereign Rating To Ba1, August IP Due

BRAZIL
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  • Moody’s decision to raise Brazil’s sovereign rating to Ba1 from Ba2, with a positive outlook, late on Tuesday supported a further rally in BRL and DI swap rates into the close. Moody’s said that the upgrade reflected material credit improvements which they expect to continue. While the credibility of Brazil’s fiscal framework is still moderate, Moody’s said, robust economic growth and adherence to its fiscal policy will allow the debt burden to stabilise in the medium-term.
  • Finance Minister Haddad said that Brazil may regain investment grade status before the end of President Lula’s term if the government does not let its guard down on revenues and expenses. USDBRL closed 0.19% lower at 5.4393, narrowing the gap to the next key support at 5.3768, the Aug 19 low.
  • Today, industrial production is expected to rise by 0.1% m/m in August, with the annual rate of growth slowing to 2.2% y/y, from 6.1% (1300BST/0800ET). Meanwhile, the Treasury will hold a press conference about August federal debt at 1900BST(1400ET). BCB Governor Campos Neto is due to give a lecture at an event promoted by Aurum Wealth Management at 0000BST(1900ET).
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  • Moody’s decision to raise Brazil’s sovereign rating to Ba1 from Ba2, with a positive outlook, late on Tuesday supported a further rally in BRL and DI swap rates into the close. Moody’s said that the upgrade reflected material credit improvements which they expect to continue. While the credibility of Brazil’s fiscal framework is still moderate, Moody’s said, robust economic growth and adherence to its fiscal policy will allow the debt burden to stabilise in the medium-term.
  • Finance Minister Haddad said that Brazil may regain investment grade status before the end of President Lula’s term if the government does not let its guard down on revenues and expenses. USDBRL closed 0.19% lower at 5.4393, narrowing the gap to the next key support at 5.3768, the Aug 19 low.
  • Today, industrial production is expected to rise by 0.1% m/m in August, with the annual rate of growth slowing to 2.2% y/y, from 6.1% (1300BST/0800ET). Meanwhile, the Treasury will hold a press conference about August federal debt at 1900BST(1400ET). BCB Governor Campos Neto is due to give a lecture at an event promoted by Aurum Wealth Management at 0000BST(1900ET).