Back in the middle 1980s, income investing for U.S. investors was pretty simple. Inflation was around 5% – roughly the same as now – but U.S. government bonds were paying close to 8%, and without going into high-risk debt issues you could find 9% with very little difficulty.

Brazilian stocks as measured by the country’s Bovespa benchmark stock index has fallen 20% from its May 20 record, but that doesn’t mean it’s time to give up on Latin America’s largest economy. Brazil still has plenty to offer, and with stock valuations low, it’s a good time to go bargain hunting.

Brazil is a lot like a person who gets a new job, pays off some of his debts, and has his credit score upgraded.

Brasil Telecom top shareholders, including Previ, Citigroup Inc. C and local pension funds, have said they are willing to sell.