Brazil: Sovereign credit ratings

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Sovereign credit ratings in Brazil: The table shows the history of sovereign credit ratings. Click on the following link to see the values of Sovereign credit ratings around the world. Sources: Fitch, Moody's, S&P, Scope.

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Agency Rating Outlook Date
Fitch BB Stable 7/2024
Moody's Ba2 Positive 5/2024
Fitch BB Stable 12/2023
Fitch BB Stable 7/2023
Fitch BB- Stable 12/2022
Fitch BB- Stable 7/2022
Moody's Ba2 Stable 4/2022
Fitch BB- Negative 12/2021
Fitch BB- Negative 6/2021
Fitch BB- Negative 11/2020
Moody's Ba2 Stable 5/2020
Fitch BB- Negative 5/2020
Standard & Poor's BB- Positive 12/2019
Standard & Poor's BB- Developing 11/2019
Fitch BB- Stable 11/2019
Moody's NR NR 10/2019
Fitch BB- Stable 5/2019
Standard & Poor's BB- Developing 4/2019
Fitch BB- Stable 8/2018
Moody's Ba2 Negative 4/2018
Fitch BB- Stable 2/2018
Standard & Poor's BB- Stable 1/2018
Fitch BB Negative 11/2017
Standard & Poor's BB Negative 8/2017
Moody's Ba2 Negative 5/2017
Fitch BB Negative 5/2017
Moody's Ba2 Stable 3/2017
Fitch BB Negative 11/2016
Fitch BB Negative 7/2016
Fitch BB Negative 5/2016
Standard & Poor's BB Negative 2/2016
Moody's Ba2 Negative 2/2016
Moody's Baa3 Under Review 12/2015
Fitch BB+ Negative 12/2015
Standard & Poor's BB+ Negative 9/2015
Moody's Baa3 Stable 8/2015
Standard & Poor's BBB- Negative 7/2015
Moody's Baa2 Negative 9/2014
Fitch BBB Stable 8/2014
Fitch BBB Stable 7/2014
Fitch BBB Stable 4/2014
Standard & Poor's BBB- Stable 3/2014
Fitch BBB Stable 1/2014
Fitch BBB Stable 11/2013
Moody's Baa2 Stable 10/2013
Fitch BBB Stable 10/2013
Fitch BBB Stable 7/2013
Standard & Poor's BBB Negative 6/2013
Fitch BBB Stable 4/2013
Fitch BBB Stable 9/2012
Standard & Poor's BBB Stable 7/2012
Fitch BBB Stable 7/2012
Fitch BBB Stable 4/2012
Fitch BBB Stable 1/2012
Standard & Poor's BBB Stable 11/2011
Fitch BBB Stable 10/2011
Standard & Poor's BBB- Positive 8/2011
Standard & Poor's BBB- Positive 5/2011
Fitch BBB Stable 4/2011
Fitch BBB- Positive 6/2010
Moody's Baa3 Positive 9/2009
Fitch BBB- Stable 5/2008
Standard & Poor's BBB- Stable 4/2008
Moody's Ba1 Stable 8/2007
Moody's Ba1 Under Review 7/2007
Standard & Poor's BB+ Positive 5/2007
Moody's Ba2 Under Review 5/2007
Fitch BB+ Stable 5/2007
Fitch BB Positive 2/2007
Standard & Poor's BB Positive 11/2006
Moody's Ba2 Stable 8/2006
Moody's Ba3 Under Review 8/2006
Fitch BB Stable 6/2006
Standard & Poor's BB Stable 2/2006
Standard & Poor's BB- Positive 11/2005
Standard & Poor's BB- Stable 11/2005
Standard & Poor's BB- Stable 11/2005
Fitch BB- Positive 10/2005
Moody's B1 Positive 1/2005
Standard & Poor's BB- Stable 9/2004
Fitch BB- Stable 9/2004
Standard & Poor's B+ Positive 12/2003
Moody's B2 Stable 11/2003
Fitch B+ Stable 11/2003
Fitch B Positive 6/2003
Standard & Poor's B+ Stable 4/2003
Fitch B Stable 3/2003
Fitch B Negative 10/2002
Fitch B+ Negative 8/2002
Standard & Poor's B+ Negative 7/2002
Fitch B+ Negative 6/2002
Standard & Poor's BB- Negative 8/2001
Fitch BB- Negative 7/2001
Standard & Poor's BB- Stable 1/2001
Fitch BB- Stable 9/2000
Standard & Poor's B+ Positive 2/2000
Standard & Poor's B+ Stable 11/1999
Moody's B2 Positive 6/1999
Standard & Poor's B+ Negative 1/1999
Standard & Poor's BB- Negative 9/1998
Moody's B2 Stable 9/1998
Standard & Poor's BB- Stable 4/1997
Standard & Poor's B+ Positive 6/1996
Standard & Poor's B+ Positive 12/1995
Standard & Poor's B+ Stable 7/1995
Standard & Poor's B Positive 11/1994

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Definition: S&P includes long-term ratings from the highest AAA to the lowest D rating. Moody’s includes long-term ratings from the highest Aaa to the lowest C. Fitch includes long-term ratings from the highest AAA to the lowest D rating. Scope includes long-term foreign-currency ratings from the highest AAA to the lowest D rating.

For all four international credit rating agencies, ratings are divided into two main groups based on the level of credit risk: investment grade for lower levels of credit risk and speculative grade for higher levels of credit risk. For S&P, Fitch and Scope, investment grade issues/issuers are those rated from BBB- and above, while those from BB+ and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers as those rated from Baa3 and above, while ratings from Ba1 and below fall into the category of speculative grade.

All four agencies include modifiers into their generic alphabet-based ratings for particular ranges. Ratings from S&P, Fitch and Scope are modified with “+” or “-” from the range AA to CCC. Moody’s appends numerical modifiers from 1 to 3 to the generic rating classifications from Aa to Caa. 1 indicates standing in the higher end of the generic category, while 3 indicates ranking in the lower end. All modifiers denote relative status within major ratings categories.

Rating Outlooks indicate the direction the rating is likely to move over a one- to two-year period. In determining an outlook, consideration is given to any changes in fundamental business conditions. Credit Watch focuses on identifiable events that cause ratings to be placed under special surveillance.

Rating Outlooks/Watches for the four agencies are the following:

- Positive means that a rating may be raised
- Negative means that a rating may be lowered
- Stable means a rating is not likely to change
- When the fundamental trend has strong, conflicting elements of both positive and negative, the Outlook/Watch can be denoted as Developing (for Scope, a Stable Outlook would be assigned in this case).

Credit Watches do not include a Stable Watch because they are only event driven and denote higher probability of change in the rating. Credit Outlooks and Watches are mutually exclusive.
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