By Jeffrey T. Lewis 
 

SAO PAULO--Brazilian shares closed little changed Friday, with meat packer JBS rising after Moody's revised its outlook for the company, and the real strengthened against the dollar.

The benchmark Ibovespa stocks index rose 0.1% to 55902 points. The real exited active trading at 2.2598 to the dollar, according to Tullett Prebon via FactSet, after closing at 2.2680 on Thursday.

JBS, the world's biggest meat packer, had its ratings affirmed at Ba3 by Moody's Investors Service, which changed its outlook for the Brazilian company to stable from negative. JBS shares rose 5.3% to 8.79 reais.

The real strengthened after weakening against the dollar over the previous two days. The real closed at 2.2313 to the dollar Tuesday, and lost ground against the U.S. currency Wednesday and Thursday after good economic news from the U.S. that sparked concern about bigger dollar outflows from the South American country.

The real is likely to stay near its current level as long as international events don't spur greater risk aversion, said Wanderlei Muniz, a trader at the Onnix brokerage in Porto Alegre.

"Importers and exporters are okay with the real where it is," he said. "There's a lot happening, in the U.S., in Argentina, Israel, that could change things quickly, though, and people are avoiding making big bets" on the real's direction right now.

The positive economic-growth news from the U.S. on Wednesday also pushed the Ibovespa lower during the past few days. On Friday, Brazilian shares closed mixed.

Other food companies' shares rose along with JBS, with Marfrig gaining 1.2% to 6.70 reais, and BRF climbing 3.2% to 57.25 reais.

Iron miner Vale's shares fell 2% to 28.54 reais, and oil company Petrobras fell 0.5% to 19.01 reais.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

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