The fiscal results of the Brazilian state of Minas Gerais have been sufficient so far this year to cover the gradual decline in debt relief provided by the central government. While the state's financial profile remains weak, given high debt and interest burdens and no liquidity buffers, it's demonstrating a commitment to fiscal improvement that should sustain the continuity of federal debt relief. Therefore, we raised our ratings on the state to 'B-' from 'CCC+'. The stable outlook indicates our view that the state will continue to manage its finances to maintain access to federal debt relief and to gradually strengthen its fiscal position. On Oct. 10, 2025, S&P Global Ratings raised the ratings on the state of Minas Gerais
