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Brazil investment grade reward for growth - c.bank

Thu May 29, 2008 5:53pm EDT

BRASILIA, May 29 (Reuters) - A second investment-grade credit rating for Brazil is a reward for proving that the country's economy can grow at a sustainable pace, Central Bank President Henrique Meirelles said on Thursday.

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"The main reason that Brazil won investment grade is precisely because it is showing that it has the capacity to grow with stability," Meirelles told reporters in Brasilia, adding that the upgrade would increase the pool of investors that can buy Brazilian securities.

Meirelles made the remarks shortly after Fitch Ratings raised Brazil's sovereign credit rating one notch to "BBB-", becoming the second major agency in a month to grant the country investment grade status.

(Reporting by Ana Nicolaci da Costa, Writing by Todd Benson; Editing by Diane Craft)

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