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]