Brazil Credit Ratings & Outlooks

Country	Moody's	S&P	Fitch	DBRS	Scope Ratings
Brazil	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
Brazil	May 30, 2025	Moody's	Ba1	Positive	Ba1	Stable
Brazil	Oct 01, 2024	Moody's	Ba2	Positive	Ba1	Positive
Brazil	May 01, 2024	Moody's	Ba2	Stable	Ba2	Positive
Brazil	Dec 19, 2023	S&P	BB-	Positive	BB	Stable
Brazil	Jul 28, 2023	DBRS	BB (low)	Stable	BB	Stable
Brazil	Jul 26, 2023	Fitch	BB-	Stable	BB	Stable
Brazil	Jun 14, 2023	S&P	BB-	Stable	BB-	Positive
Brazil	Jul 15, 2022	Fitch	BB-	Negative	BB-	Stable
Brazil	May 05, 2020	Fitch	BB-	Stable	BB-	Negative
Brazil	Apr 06, 2020	S&P	BB-	Positive	BB-	Stable
Brazil	Dec 11, 2019	S&P	BB-	Stable	BB-	Positive
Brazil	Apr 09, 2018	Moody's	Ba2	Negative	Ba2	Stable
Brazil	Mar 16, 2018	DBRS	BB	Negative	BB (low)	Stable
Brazil	Feb 23, 2018	Fitch	BB	Negative	BB-	Stable
Brazil	Jan 11, 2018	S&P	BB	Negative	BB-	Stable
Brazil	Aug 15, 2017	S&P	BB	Negative Watch	BB	Negative
Brazil	May 26, 2017	Moody's	Ba2	Stable	Ba2	Negative
Brazil	May 22, 2017	S&P	BB	Negative	BB	Negative Watch
Brazil	Mar 15, 2017	Moody's	Ba2	Negative	Ba2	Stable
Brazil	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
Extremely Speculative Grade			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.