Fitch upgrades Brazil’s rating outlook to positive

Fitch Ratings on Monday affirmed Brazil’s long-term foreign and local currency ratings at BBB- and raised the outlook to positive from stable. “The outlook revision reflects Brazil’s better-than-expected resilience and economic performance in the face of the global recession, which together with its relatively prudent economic policies should allow the country’s per capita income and fiscal solvency ratios to improve steadily during the forecast period,” said Fitch in a statement. The ratings agency does not expect a major change the country’s economic policies following the presidential elections in October, it added.