Moody's ups Rio de Janeiro

Moody's Investors Service said it upgraded the City of Rio de Janeiro's global-scale issuer ratings to Baa2 from Baa3 and its national scale rating to Aaa.br from Aa1.br.

The outlook is stable.

The upgrade is supported by a strong track record of positive financial performance characterized by healthy operating surpluses and modest cash financing surpluses, Moody's said.

The city's financial operations have demonstrated strong resilience to economic downturns and better-than-expected results in 2010, indicating the sustainability of fiscal performance, the agency said.

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