Brazil long term sovereign credit ratings lowered

Thursday, 04 July 2002 16:28:00 (GMT+3)   |  
       

Brazil long term sovereign credit ratings lowered

On July 2, 2002 Standard & Poors's announced lowering of Federative Republic of Brazil's long term local and foreign currency sovereign credit ratings in view of the worsening fiscal position. The existing political uncertainties added up to the deteriorating domestic debt profile. Standard&Poor's officials emphasize that the next administration must follow proactive economic management in order to reverse growth in debt and to reduce external vulnerabilities. Governmental liquid assets net debt is estimated as almost 70% of GDP in 2002 up from 60% in 2001. Brazil's long-term local currency sovereign credit rating is lowered to BB from BB+ and its long-term foreign currency sovereign credit rating is lowered to B+ plus from BB-. In respect of these latest developments Brazilian mills are focused on exports yet currently the demand is nots strong enough.

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