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Moody's puts Brazil rating on review for upgrade

Mon Jul 6, 2009 3:53pm EDT

NEW YORK, July 6 (Reuters) - Moody's Investors Service on Monday put Brazil's foreign and local currency credit ratings on review for possible upgrade, citing the economy's resilience to economic shocks from the global financial crisis.

Bonds  |  Global Markets  |  Brazil

"As a result of a negative turn of events in the international arena, Brazil has experienced the equivalent of a severe stress test of major proportions in the past several months," Mauro Leos, sovereign credit analyst, said in a statement.

Moody's has Brazil's foreign currency credit rating at "Ba1", one notch below investment grade status. In May, both Standard & Poor's and Fitch Ratings gave Brazil investment grade status by lifting their ratings to "BBB minus", one notch above Moody's. (Reporting by Daniel Bases; Editing by Dan Grebler)

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