Credit rating agency Fitch Ratings downgraded Brazil's sovereign debt rating to -BB with a stable outlook. The previous status had been BB with a negative outlook. The move brings Brazil closer to junk level.
Brasília - Ratings agency Standard & Poor's (S&P) downgraded Brazil's credit rate three levels below the investment grade, with a stable outlook. The downgrade was announced this Thursday (Dec. 11) night.
The rise in the target for the fiscal deficit this year from $43.8 billion to $50 billion is not to affect the assessment on Brazil in the short run, credit rating agency Moody's stated Wednesday (Aug 16).
Moody's rating agency upgraded Petrobras' credit rating from B2 to B1 on Monday (April 10) and changed its outlook to positive, indicating the rating could be raised again any time. Despite the upward revision, Petrobras is four levels below investment grade.
Moody's ratings agency has kept Brazil two levels below investment grade, but improved the outlook for the country's ratings from negative to stable, which means Brazil's public debt no longer faces being downgraded any time.
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