S&P Global Ratings raised Brazil’s credit score following the approval of a tax code overhaul, adding to a series of economic reforms in recent years. Investors welcomed the upgrade, and Brazilian equity markets have seen near-record foreign investments. The overhaul is seen as an important step in unraveling the complex tax code, which has been a burden on businesses in Brazil.
Businesses in Brazil have often talked of the "custo Brasil," the Byzantine system of red tape that hobbles enterprise. Now Brazil under Lula has taken an important step toward unravelling a devilishly complex tax code. https://t.co/7bBHE6hVhi via @WSJ
Brazilian equity markets have experienced near-record foreign investments in the last month. Despite all the skepticism about $EWZ is outperforming the S&P 500 by 23 percentage points in the last 2 years. The aggregate market cap of Brazilian stocks relative to its overall… https://t.co/toC6v5kKjZ
Investors welcomed Brazil’s credit score upgrade by S&P Global Ratings just days after the nation’s Congress approved an overhaul of the tax system https://t.co/pHf4bwJ8Wb
And the good news for Brazil (and Lula) continue: S&P today improved the country’s credit rating after the new tax overhaul https://t.co/IKkYOQYAyw
S&P Global Ratings lifted Brazil’s credit score after the recent approval of an overhaul of the country’s tax code added to a series of economic reforms that have been implemented in the past few years https://t.co/CdPncvHaOS