A recently approved tax reform in Brazil extends the country's track record of pragmatic policy implementation over the last seven years. Improving but still moderately weak economic growth prospects and a weak fiscal situation continue to constrain Brazil's creditworthiness. We upgraded our long-term ratings on Brazil to 'BB' from 'BB-'. Our stable outlook reflects our expectation that the country will make slow progress in addressing fiscal imbalances and still weak economic prospects, balanced by a strong external position and monetary policy that is helping to re-anchor inflation expectations. On Dec. 19, 2023, S&P Global Ratings raised its long-term global scale ratings on Brazil to 'BB' from 'BB-'. The outlook on the long-term ratings is stable. We affirmed Brazil's global scale
