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Weekly Report - 30 July 2015 (WR-15-30)
BRAZIL: Real falls further on credit rating warning
Standard & Poor’s, the credit ratings agency, revised Brazil’s outlook from stable to negative on 28 July and warned that it may cut its rating to junk. The Real, which has already fallen 22% since the start of the year, slumped to R$3.43 to the US dollar. Brazil is still considered an investment-grade country by the big three rating agencies: S&P, Moody’s and Fitch, but on 23 July Austen Rating, a local firm, stripped the country of its investment grade. Without a sudden, and unexpected, reversal in Brazil’s economic fortunes, an across-the-board downgrade seems increasingly likely.
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