Moody’s lifts Sao Paulo, Belo Horizonte to stable

Moody's Investors Service said it revised the outlook of the Brazilian state of Sao Paulo and the municipality of Belo Horizonte to stable from negative.

The agency also said it maintained the outlook of the state of Minas Gerais at negative.

Moody’s also affirmed Sao Paulo’s Ba2 global scale local- and foreign-currency ratings.

The agency also affirmed Belo Horizonte’s Ba3 global scale local- and foreign-currency ratings.

Moody’s also affirmed Minas Gerais’s B1 global scale local- and foreign-currency ratings.

The outlook revisions follow a similar rating action taken on Brazil's government bond rating, which also was revised to stable from negative, the agency said.

The outlooks are aligned due to the very close economic and financial linkages that exist between Brazil’s government and Brazilian sub-sovereigns governments, Moody’s said.

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