The credit rating agency Standard & Poor's has upgraded Brazil's government debt. The credit rating for long-term debt in local currency was upgraded from BBB+ to A-, whereas the long-term debt in foreign currency went from BBB- to BBB, with a positive outlook. The agency's decision to upgrade Brazil's rating in the current global economic scenario is a recognition of the right course of Brazilian economic policy, as well as of the sound fundamentals of the country's economy.

According to the report published by Standard & Poor's, the upgrade is a result of the prudent macroeconomic policies implemented by the Brazilian government, especially the maintenance of the primary surplus around 3% of GDP, which allows greater flexibility in monetary policy in order to carry on counter-cyclical measures. These policies, coupled with the diversification of the economy and the improvement in the external account, should minimize the impact of external shocks and contribute to a sustainable long-term growth of the Brazilian economy.

18 November 2011