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“I think this is a fair decision for Brazil,” Mantega said in an interview with Reuters.
The global rating agency has said it sees signs of confidence being restored in the Brazilian economy.
“Despite the difficult domestic economic environment and the policy missteps by the authorities in recent months, Fitch believes that there are signs of policy corrections that, if sustained, could help to restore confidence,” Fitch said in a statement.
Mantega asserted that the “make up of the Brazilian debt has improved greatly.”
The country’s economy grew 0.9 per cent last year.
Brazilian President Dilma Rousseff has approved numerous tax cuts and incentive measures to stimulate the economy since she came to power.
The finance minister said in June that Brazilian GDP this year would probably grow less than the 3.5 per cent predicted in the 2013 federal budget.
However, Mantega ruled out further stimulus measures to boost consumption by the government.
The measures announced so far are effective and the economy is growing despite an unfavourable external environment, said the minister.