iBet uBet web content aggregator. Adding the entire web to your favor.
iBet uBet web content aggregator. Adding the entire web to your favor.



Link to original content: http://news.bbc.co.uk/2/hi/business/7376539.stm
BBC NEWS | Business | Brazil's shares at all-time high
watch One-Minute World News

News Front Page
Africa
Americas
Asia-Pacific
Europe
Middle East
South Asia
UK
Business
Market Data
Economy
Companies
Health
Science & Environment
Technology
Entertainment
Also in the news
-----------------
Video and Audio
-----------------
Programmes
Have Your Say
In Pictures
Country Profiles
Special Reports

Related BBC sites
Page last updated at 20:36 GMT, Wednesday, 30 April 2008 21:36 UK
E-mail this to a friend Printable version

Brazil's shares at all-time high

Traders at the Brazilian Mercantile and Futures Exchange
The upgrade is a sign of how far the economy has come in recent years

Brazil's benchmark stock market index closed at an all-time high on Wednesday after the government's debt was upgraded to investment grade.

The Bovespa rose more than 6% to close at 67,853.9 while the currency, the real, rose 2.5% against the US dollar.

The ratings agency Standard & Poor's raised Brazilian debt to BBB-, which is the lowest investment grade.

The upgrade is an important benchmark in the country's economic development, showing that its debt crisis is over.

"The upgrades reflect the maturation of Brazil's institutions and policy framework, as evidenced by the easing of fiscal and external debt burdens and improved trend growth prospects," said Lisa Schineller at S&P.

It is a far cry from the Brazil of the 1980s, which defaulted on its debt and declared a moratorium on further payments.

The upgrade is important because many funds, especially pension funds, are only allowed to buy investment grade bonds.

E-mail this to a friend Printable version

Print Sponsor

BRAZIL'S ECONOMY

A platform ship in the Tupi oil field 'God's gift'
How Brazil is hoping to find a fortune in oil

Brazilian flag Future gazing
Is Brazil finally set to reach its full potential?

Sugar cane field near Araraquara, Brazil (photo: Robert Plummer) Cane and able?
How Brazil is responding to the global sugar rush

Thiago da Silva Slum drive
Brazil tackles favelas to boost economic growth

Produce in Brazilian supermarket Consuming desire
What Brazil's supermarkets say about its ambitions
MORE FEATURES
 
KEY STORIES
Major power failures hit Brazil
Brazil's Lula blames rich for crisis
Brazil's economy leaves recession
Brazil unveils oil rules changes
Brazil to make $10bn loan to IMF
MORE ANALYSIS
Amazon land law debate heats up
Black Brazil seeks a better future
Country profile: Brazil

TOP BUSINESS STORIES
Strong demand boosts Intel profit
Rio resumes Australia investment
Unemployment dips to 2.47 million

FEATURES, VIEWS, ANALYSIS
Horses sculpture in memory of Genghis Khan, Ordos, Inner Mongolia Ghost town
Has China's housing bubble burst?
Afo - the world's oldest clove tree The guerilla plant
How the world's oldest clove tree defied an empire
Sergei Polunin Walking away
Why Royal Ballet principal Sergei Polunin quit

Skip to top

PRODUCTS & SERVICES

Americas Africa Europe Middle East South Asia Asia Pacific