Brazil's Bovespa stock index soared to a record high after Standard & Poor's unexpectedly raised Brazil's credit rating to investment grade. Brazil's bonds were lifted to BBB-, S&P's lowest investment grade rating. S&P cited the country's work controlling inflation and government debt levels. Brazil became a net foreign creditor for the first time this year; its economy grew 5.4% in 2007 and is expected to grow 4.6% this year.

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