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A Moody’s raised Brazil's rating from Ba2 to Ba1 and the senior unsecured bond rating to (P)Ba1 from (P) Ba2 and maintained the positive outlook.
This is just one level below investment grade.
The market reaction was immediate, with the dollar futures for November turning around and falling to 0.20%, at R$5.4595, and the Ibovespa futures rising to 0.46%, at 133,285 points.
DI rates dropped to their lowest levels.
More information in a moment