Brazil To Buy Back Bonds

Brazil To Buy Back Bonds

Bonds

Brazil is to concentrate on buying back bonds, specifically Brady bonds and short-term global bonds, as part of its strategy to improve its debt profile and earn a credit ratings upgrade. So far this year it has bought $2.3 million, of which it has cancelled $773.9 million. It plans to use international reserves to fund the buyback program. Standard & Poor's currently rates Brazil's foreign currency sovereign debt three notches below investment grade at BB-; Moody's rates it Ba3. A proposed move

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