The word in the investor press is that Brazil is dead money for awhile. Writing off an entire market seems a little dated when there is still plenty of value there. Most recently, Barron's nailed a bunch of key themes in proclaiming Brazil what we already knew it was: the unloved component of the BRIC. Yes, Brazilian rates are rising -- and they did not even mention the significant questions about the health of many players in the country's banking system. Rising rates and troubled credit are not exactly a recipe for smooth sailing ahead. But while Brazil as a market may struggle, there are more than a few pockets where valuations are very attractive. The trick is finding the right plays. Consumer and banking name are not cheap enough -- the latter group because of the sector problems noted above and the former group because tightening credit makes it harder for the Brazilian middle class to finance everything from refrigerators to high-fashion clothes. Not exactly a great time to get into the Brazil consumer ETF BRAQ ( quote ), for example, based purely on valuation and the macro picture: Even EWZ ( quote ) may be dead money for awhile. But the utilities , cell companies and even Petrobras ( PBR , quote ) do offer value here.