« Lawmakers Revisit Ethanol Mandates As Prices Soar | Home | Fiat Likely To Invest E10 Million On Ethanol Engines »
Brazil Goes Investment-Grade
By Mr Ethanol | May 2, 2008
MSNBC:
Just five years ago, it would have been impossible to envision Brazil as an investment-grade country: The South American nation was strapped with billions in debt, and many investors believed the new, leftist President would ramp up already-high government spending. But President Luiz Incio Lula da Silva — a former firebrand labor unionist elected in 2002 and reelected for a second four-year term in 2006 — has proved to be a careful steward of Latin America’s largest economy. And the country has been blessed with strong international commodities prices that have transformed the onetime foreign debt defaulter into fast-growing economy flush with foreign reserves.
That explains why, on Apr. 30, Standard & Poor’s upgraded Brazil’s long-term foreign currency sovereign debt to investment-grade. The long-awaited move will make it possible for a wider universe of international investors, including massive U.S. pension funds, to plunge into the Brazilian stock market. The upgrade sparked a 6.3% rise in the index of the So Paulo stock exchange, or BOVESPA, which soared to an all-time high of 67,868 points. [The exchange was closed today for the May 1 holiday.]
Positive Ripple Effects… continue reading.
Topics: Brazil, Investing, News, Trends |
Related Posts
- Oil Firms Eye Brazilian Shores For Acquisition Of Ethanol Acreage
- Outside The Box: Investing In Brazil
- Clinton Link In Brazil Ethanol Probe
- Soros Says Ethanol Investments Hurt By Governments
- Ethanol Investment Faces Bumpy Ride
- Ethanol Terminal Opens In Arlington, Texas
- Brazil Shoulders Ethanol Demand Growth
- Brazil Ethanol Properties In Demand, Hard To Find
- Ethanol Power
- U.S. Gas Prices Jump More Than 11 Cents
New Way Of Making Easy Money Online