S&P affirms state of Sao Paulo

Standard & Poor’s said it affirmed its BBB- long-term issuer credit rating and brAAA Brazil national scale issuer credit rating on the state of Sao Paulo.

The outlook remains stable.

S&P said the rating on Sao Paulo mainly reflects its average economy, with GDP per capita estimated at Brazilian real (R$) 16,000, benefiting from high revenue independence. This is reflected in levels of own-source revenues consistently above 90% of its operating revenues.

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