Rating: Brazil Credit Rating 2026

Rating Moody's Brazil

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating
2025-05-30	Ba1 (Stable)
2024-10-01	Ba1 (Positive)
2024-05-01	Ba2 (Positive)
2022-04-12	Ba2 (Stable)
2020-05-15	Ba2 (Stable)
2018-04-09	Ba2 (Stable)
2017-05-26	Ba2 (Negative)	2025-05-30	Ba1
2017-03-15	Ba2 (Stable)	2024-10-01	Ba1
2016-02-24	Ba2 (Negative)	2024-05-01	Ba2
2015-12-09	Baa3 (Under Review)	2022-04-12	Ba2
2015-08-11	Baa3 (Stable)	2020-05-15	Ba2
2014-09-09	Baa2 (Negative)	2018-04-09	Ba2
2013-10-02	Baa2 (Stable)	2017-05-26	Ba2
2011-06-20	Baa2	2017-03-15	Ba2
2009-09-22	Baa3 (Positive)	2016-02-24	Ba2
2009-07-06	(Under Review)	2015-12-09	Baa3
2007-08-23	Ba1 (Stable)	2015-08-11	Baa3
2007-05-24	(Under Review)	2014-09-09	Baa2
2006-08-31	Ba2 (Stable)	2013-10-02	Baa2
2006-08-01	(Under Review)	2011-06-20	Baa2
2005-10-12	Ba3	2009-09-22	Baa3
2005-01-12	(Positive)	2007-08-23	Ba1
2004-09-09	B1	2006-08-31	Ba2
2003-11-15	(Stable)	2005-10-12	Ba3
2002-08-12	B2	2005-09-27	B1
2000-10-16	B1	2004-09-09	Ba3
1998-09-03	B2	2002-08-12	B2
1994-11-30	B1	2000-10-16	B1
1989-03-28	B2	1999-12-16	B3
1987-12-04	B1	1998-09-03	Caa1
1986-11-18	Ba1	1998-06-19	B2

Moody's: Long term Rating

Rating S&P Brazil

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating
2023-12-19	BB (Stable)
2023-06-14	BB- (Positive)
2020-04-06	(Stable)
2019-12-11	(Positive)
2018-01-11	BB- (Stable)
2017-08-15	(Negative)
2016-02-17	BB (Negative)	2023-12-19	BB
2015-09-09	BB+ (Negative)	2023-06-14	BB-
2015-07-28	(Negative)	2018-01-11	BB-
2014-03-24	BBB- (Stable)	2016-02-17	BB
2013-06-06	(Negative)	2015-09-09	BBB-	2015-09-09	B
2011-11-17	BBB (Stable)	2014-03-24	BBB+	2014-03-24	A-3	2016-02-17	B
2011-05-23	(Positive)	2011-11-17	A-	2012-07-09	A-2	2015-09-09	A-3
2008-04-30	BBB-	2008-04-30	BBB+	2008-04-30	A-3	2008-04-30	A-2

S&P: Long term Rating

Rating Fitch Brazil

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating
2020-05-05	BB-
2019-11-14	BB-
2019-05-21	BB-	2020-05-05	BB-	2020-05-05	B
2018-08-01	BB- (Stable)	2019-11-14	BB-	2019-11-14	B
2018-02-23	BB- (Stable)	2019-05-21	BB-	2019-05-21	B
2017-11-10	BB (Negative)	2018-08-01	BB-	2018-08-01	B
2017-05-19	BB (Negative)	2018-02-23	BB-	2018-02-23	B
2016-11-11	BB (Negative)	2017-11-10	BB	2017-11-10	B
2016-07-22	BB (Negative)	2017-05-19	BB	2017-05-19	B
2016-05-05	BB (Negative)	2016-11-11	BB	2016-11-11	B
2015-12-16	BB+ (Negative)	2016-07-22	BB	2016-07-22	B
2015-10-15	BBB-	2016-05-05	BB	2016-05-05	B
2015-04-09	BBB	2015-12-16	BB+	2015-12-16	B
2014-08-13	BBB (Stable)	2015-10-15	BBB-	2015-10-15	F3
2014-07-28	BBB (Stable)	2015-04-09	BBB	2015-04-09	F2
2014-07-10	BBB (Stable)	2014-08-13	BBB	2014-08-13	F2
2014-04-03	BBB (Stable)	2014-07-28	BBB	2014-07-28	F2
2014-01-21	BBB (Stable)	2014-07-10	BBB	2014-07-10	F2
2014-01-14	BBB (Stable)	2014-04-03	BBB	2014-04-03	F2
2013-11-06	BBB (Stable)	2014-01-21	BBB	2014-01-21	F2
2013-10-24	BBB (Stable)	2014-01-14	BBB	2014-01-14	F2
2013-07-18	BBB (Stable)	2013-11-06	BBB	2013-11-06	F2
2013-04-26	BBB (Stable)	2013-10-24	BBB	2013-10-24	F2
2012-09-20	BBB (Stable)	2013-07-18	BBB	2013-07-18	F2
2012-07-26	BBB (Stable)	2013-04-26	BBB	2013-04-26	F2
2012-04-30	BBB (Stable)	2012-09-20	BBB	2012-09-20	F2
2012-01-23	BBB (Stable)	2012-07-26	BBB	2012-07-26	F2
2011-10-25	BBB (Stable)	2012-04-30	BBB	2012-04-30	F2
2011-04-04	BBB (Stable)	2012-01-23	BBB	2012-01-23	F2
2010-06-28	BBB- (Positive)	2011-10-25	BBB	2011-10-25	F2
2008-05-29	BBB- (Stable)	2011-04-04	BBB	2011-04-04	F2
2007-05-09	BB+ (Stable)	2010-06-28	BBB-	2010-06-28	F3
2007-02-05	BB (Positive)	2008-05-29	BBB-	2008-05-29	F3
2006-06-28	BB (Stable)	2007-05-09	BB+	2007-05-09	B
2005-10-11	BB- (Positive)	2007-02-05	BB	2007-02-05	B
2004-09-28	BB- (Stable)	2006-06-28	BB	2006-06-28	B
2003-11-06	B+ (Stable)	2005-10-11	BB-	2005-10-11	B
2003-06-03	B (Positive)	2004-09-28	BB-	2004-09-28	B
2003-03-10	B (Stable)	2003-11-06	B+	2003-11-06	B
2002-10-21	B (Negative)	2003-06-03	B	2003-06-03	B
2002-08-01	B+ (Negative)	2003-03-10	B	2003-03-10	B
2002-06-20	B+ (Negative)	2002-10-21	B	2002-10-21	B
2001-07-17	BB- (Negative)	2002-08-01	B+	2002-08-01	B
2000-09-21	BB- (Stable)	2002-06-20	B+	2002-06-20	B
2000-05-19	BB-	2001-07-17	B+	2001-07-17	B
2000-02-22	B+	2000-09-21	B+	2000-09-21	B
1999-01-26	B	2000-05-19	B+	2000-05-19	B
1997-12-03	B+	2000-02-22	B+	2000-02-22	B	2020-05-05	B
1995-10-26	B+	1999-01-26	B	1999-01-26	B	2019-11-14	B
1994-12-01	B+	1997-12-03	BB-	1997-12-03	B	2019-05-21	B
0000-00-00	BB (Stable)	0000-00-00	BB	1995-10-26	B	2018-08-01	B

Fitch: Long term Rating

Grade	Moody's	S&P	Fitch
Prime	Aaa	AAA	AAA
High grade	Aa1	AA+	AA+
	Aa2	AA	AA
	Aa3	AA-	AA-
Upper medium grade	A1	A+	A+
	A2	A	A
	A3	A-	A-
Lower medium grade	Baa1	BBB+	BBB+
	Baa2	BBB	BBB
	Baa3	BBB-	BBB-
Non-investment grade speculative	Ba1	BB+	BB+
	Ba2	BB	BB
	Ba3	BB-	BB-
Highly speculative	B1	B+	B+
	B2	B	B
	B3	B-	B-
Substantial risks	Caa1	CCC+	CCC+
	Caa2	CCC	CCC
	Caa3	CCC-	CCC-
Extremely speculative	Ca	CC	CC
Extremely speculative			C
In default with little prospect for recovery		SD	RD
In default	C	D	D
			DD
			DDD
Not rated	WR	NR

Grade	Moodys	S&P	Fitch
High grade	P-1	A-1+	F1+
Upper medium grade	P-1	A-1	F1
Lower medium grade	P-2	A-2	F2
Non-investment grade speculative	P-3	A-3	F3
Highly speculative		B	B
Extremely speculative	NP	C	C