"The 2016 budget as well as the official projec loan credit insurance tions revised for 2015, reflect the fiscal challenges that Brazil continues to face a major factor for the rating downgrade [of Brazil] to Baa3 in August," says Leos in sent note a The financier. It indicates, therefore, that this scenario was already incorporated into the agency's analysis in his last rating action.
Moody's downgraded by one notch sovereign rating of Brazil on August 11 and he was at the last level of investment grade, but impro loan credit insurance ved the rating outlook to stable. The Standard & Poor's (S & P) has equivalent grade (BBB-), but with a negative outlook. Fitch has already note a notch above the others (BBB), with a negative bias.
The proposed 2016 federal budget sent to Congress on Monday (31) provides a prim loan credit insurance ary deficit of R $ 30.5 billion next year, equivalent to 0.5% of GDP - that is, the government will spend more than they will raise. In theory, he should have a surplus in their accounts: save a portion of what it collects to pay the interest on public debt and, thus, not increase it.
Written by Sergio
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