Brazil Cut To Junk By All Three Ratings Agencies After Moody’s Joins The Fray

Wednesday, February 24, 2016
By Paul Martin

by Tyler Durden
ZeroHedge.com
02/24/2016

Back in December we warned that Brazil faced a “disastrous downgrade debacle” that would eventually see the beleaguered South American nation cut to junk by all three major ratings agencies.

S&P had already thrown the country into the junk bin and just six days after our warning, Fitch followed suit.

Between the country’s seemingly intractable political crisis and worsening public finances, the outlook is exceptionally dire and just moments ago, Moody’s cut Brazil to junk as well.

MOODY’S DOWNGRADES BRAZIL’S ISSUER, BOND RATINGS TO Ba2 W/ A
BRAZIL’S ISSUER & BOND RATINGS CUT TO Ba2 BY MOODY’S
DETERIORATING DEBT METRICS WILL RESULT IN A MATERIALLY WEAKER CREDIT PROFILE IN THE COMING YEARS

Watch the BRL and the Bovespa. Things likely won’t be pretty.

The Rest…HERE

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