Rio de Janeiro State – Investiment Grade (S&P)

Standard & Poor´s ratings services assigned its “BBB-” global scale and “brAAA” national scale issuer credit ratings to the State of Rio de Janeiro (SRJ) , Brazil. For them, a strong management team has significantly improved the state of Rio de Janeiro´s operating capacity, improving its fiscal and financial indicators through greater institutionalization of management processes. Despite significant own-source revenues, the state´s large debt and spending pressures will continue to limit its fiscal flexibility.