Since the global crisis hit world markets in 2008, making the grade for investment and moving up the rankings of rating agencies has been difficult for many national governments, let alone for regional, state and municipal authorities.

Yet Rio has been doing very well with both financiers and rating agencies.

Last year was very positive as the city of Rio was rewarded for three years of hard work. In November the municipal government received the second and last installment of a $500 million World Bank loan to pay off its debt with the Brazilian federal government.