Brasília – Finance minister Guido Mantega celebrated on Friday (20) the elevation of Brazil’s rating by Moody’s. According to him, the improvement shows “how robust” the Brazilian economy is. The classification rose from the Baa3 to Baa2, “with possible upgrade”.
Mantega and president Dilma Rousseff got the news while participating in a political coordination meeting, at the Presidential Palace. “It was a coincidence as I was discussing the matter with the president and the coordinators, showing that the Brazilian economy has started the year making the necessary adjustment to decelerate the Brazilian economy, while other countries are accelerating theirs, and Brazil is already growing at cruise speed, of 4.5% a year,” he said. According to the minister, president Dilma showed satisfaction with the Moody’s rating.
On speaking to journalists, Mantega read the document disclosed by the agency. In the statement, Moody’s shows that the new Brazilian classification is due to evidence of continued development of macroeconomic policies and to the active management of public debt with low exposure to exchange rates and interest.
The document also shows the low susceptibility to the crisis associated to the accomplishment of fiscal targets for 2011 to 2014, as well as the perspective for economic growth in coming years.
*Translated by Mark Ament
