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Brazil’s economy: more disappointments

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Moody’s downgraded Brazil, the latest rating agency to express concern for the country’s performance.

Moody’s downgraded Brazil’s rating from positive to stable on Wednesday, citing poor debt to GDP ratio and a prolonged low-growth period – the latest in a number of downgrades from the major ratings agency, with S&P making a similar downgrade in June. The downgrade is no doubt a blow to an economy that just five years ago was an investor darling with strong growth. The country’s failure to regain that growth, even with massive spending obligations related to the megaevents and poor quality of public services will be a challenge to President DilmaRousseff as she faces elections next year.

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