RIO DE JANEIRO, Aug. 11 (Xinhua) -- Brazilian President Michel Temer pledged on Friday to work to improve his country's investment grade.
Brazil has been embroiled in a recession for two years, with all three main credit rating agencies, namely, Fitch, Standard & Poor's and Moody's, downgrading the country to junk bond status.
"Soon, we will regain the investment grade status we lost in the past," the president said at an business event in the midwestern state of Mato Grosso.
Boasting the reforms carried out by his administration, Temer said the unemployment rate has been on a downward trend.
The administration took over the country at a time of great recession and has been working to overcome the economic problems in order to resume growth, he said.
A high investment grade is an indicator that a country is unlikely to default on its public bonds.