S&P “sensitive” to elections in timing Brazil downgrade

S&P “sensitive” to elections in timing Brazil downgrade

The timing of Standard & Poor’s downgrade of Brazil was partly influenced by the country’s forthcoming elections, analysts told LatinFinance. The ratings agency had put the sovereign on ratings watch negative in June, but it caught some off-guard when it downgraded the country to BBB- on Monday. The country had taken some steps to improve its accounts, including a high-profile call in February to freeze BRL44bn ($18.7bn) of spending. Sebastian Briozzo, senior director for sovereign and inter

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