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When Brazil Has Better Credit Than You, It Is Time To Exit The Market

Or maybe its just another sign that Standard and Poor's is totally, utterly useless. Either way, you sort of have to chuckle when AAA tranches are expecting 40-60% losses (depending on who you ask) and Brazil is now "investment grade."
Well, yes, and it is fun to tease Brazil, but really the country has come quite a long way.

Brazil received an investment grade credit rating for the first time from Standard & Poor's, sending the benchmark stock market index to a record and yields on dollar bonds to an all-time low.

Brazilian Debt Raised to Investment Grade by S&P [Bloomberg]