Moody’s becomes third agency to downgrade Brazil Moody’s Investors Services on Wednesday became the third major rating agency to downgrade Brazil’s debt to junk, cutting its rating by two notches to Ba2, as the former emerging market star sinks deeper into the worst recession in decades. Moody’s said the outlook for Brazil’s issuer and bond ratings was negative due to the prospect of further deterioration in debt metrics amid a deep economic slowdown, as well as the risk of further external shocks. The Globe and Mail reports. Argentina and creditors near $5 billion deal Major creditors suing Argentina over defaulted bonds have agreed to the economic terms of an agreement to resolve the long-running litigation but need more time to […]
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