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The Independent Online

CREDIT UPGRADES by rating agency Standard & Poor's sent the market surging; by mid afternoon the Bovespa index had leapt 1.6 per cent to almost 13,100.

S&P reaffirmed Brazil's currency rating and foreign-currency debt rating and notched up its outlook to stable from negative. Felipe Garcia of, said: "This is a recognition that things are on the right track. The central bank president and finance minister have convinced the IMF they are very capable of managing the economy."