Brazil Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Ba1 Stable | BB Stable | BB Stable | BB Stable | NR |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| May 30, 2025 | Moody's | Ba1 | Positive | Ba1 | Stable | |
| Oct 01, 2024 | Moody's | Ba2 | Positive | Ba1 | Positive | |
| May 01, 2024 | Moody's | Ba2 | Stable | Ba2 | Positive | |
| Dec 19, 2023 | S&P | BB- | Positive | BB | Stable | |
| Jul 28, 2023 | DBRS | BB (low) | Stable | BB | Stable | |
| Jul 26, 2023 | Fitch | BB- | Stable | BB | Stable | |
| Jun 14, 2023 | S&P | BB- | Stable | BB- | Positive | |
| Jul 15, 2022 | Fitch | BB- | Negative | BB- | Stable | |
| May 05, 2020 | Fitch | BB- | Stable | BB- | Negative | |
| Apr 06, 2020 | S&P | BB- | Positive | BB- | Stable | |
| Dec 11, 2019 | S&P | BB- | Stable | BB- | Positive | |
| Apr 09, 2018 | Moody's | Ba2 | Negative | Ba2 | Stable | |
| Mar 16, 2018 | DBRS | BB | Negative | BB (low) | Stable | |
| Feb 23, 2018 | Fitch | BB | Negative | BB- | Stable | |
| Jan 11, 2018 | S&P | BB | Negative | BB- | Stable | |
| Aug 15, 2017 | S&P | BB | Negative Watch | BB | Negative | |
| May 26, 2017 | Moody's | Ba2 | Stable | Ba2 | Negative | |
| May 22, 2017 | S&P | BB | Negative | BB | Negative Watch | |
| Mar 15, 2017 | Moody's | Ba2 | Negative | Ba2 | Stable | |
| Aug 01, 2016 | DBRS | BB (high) | Negative | BB | Negative |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CCC | CC |
C | CCC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Brazil’s current credit rating?
Brazil’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Brazil’s credit risk.
Has Brazil’s credit rating changed recently?
This page lists the latest rating and outlook actions for Brazil, showing when each agency last reviewed or changed its assessment.
Why does Brazil’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Brazil's bond yields, currency, and equity flows as investors reassess risk.
How does Brazil’s rating compare to other countries?
You can explore how Brazil ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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