Fitch ups Rio de Janeiro

Fitch Ratings said it upgraded the state of Rio de Janeiro’s long-term foreign- and local-currency issuer default ratings to BB- from C. Fitch has also upgraded the state's national rating to AA(bra) from C(bra).

The upgrade of Rio’s ratings reflects the federal government's support to provide timely service of the state’s debt. The rating actions are based on Fitch's new “Rating Criteria for International Local and Regional Governments” published on April 9, the agency said in a press release.

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