Moody's may up Brazil

Moody's Investors Service said it has placed Brazil's Ba1 foreign- and local-currency government bond ratings on review for possible upgrade.

The review was prompted by the economy's demonstrated resilience to shocks over the past year, the agency said, adding that Brazil's Baa3 country ceiling for foreign-currency bonds and Ba2 country ceiling for foreign-currency bank deposits were also placed under review for possible upgrade.

Brazil's local-currency deposit ceiling and local-currency bond ceiling are not affected by the review, the agency noted.

"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," said Mauro Leos, Moody's regional credit officer for Latin America.

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