July 15, 2022 |
Fitch Ratings said Thursday that it has improved the outlook on Brazil's BB- rating to stable from negative, citing better-than-expected improvements in its public finances despite "successive shocks" in recent years.
"Last year, Brazil recorded its first primary fiscal surplus since 2013, highlighting revenue outperformance and the authorities' commitment to withdraw stimulus implemented during the pandemic," Fitch said in a report on Thursday.
Fitch also said the central bank's decision to rai
Rating agency applauds the government for posting the first primary fiscal surplus since 2013