S&P Changes Brazil’s Outlook from Stable to Negative

BRAZIL ECONOMICS - Report 07 Jun 2013 by Marcelo Gazzano, Cristina Pinotti and Affonso Pastore
S&P announced a change in Brazil's outlook from stable to negative. The decision was based on the fact that, in the absence of corrective measures, the weak GDP growth combined with a continually expansionary fiscal policy (including off-budget measures) generates the risk of weakening the country's financial profile and in increase in its debt.Although the gross debt has been following a steadily upward path and currently stands at is 59% of GDP, the net debt (minus reserves and credits held against official financial institutions – mainly BNDES and Caixa Econômica Federal) has remained st...

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