Brazil Slams Standard & Poor's Credit Rating Downgrade

Eldonita de Juan Leandro
2014-03-26 14:46:18

Facebook
Twitter
Pinterest
Telegram
Linkedin
WhatsApp

Brasilia, March 26 (RHC) -- A Brazilian official on Tuesday slammed the downgrade of his country's credit rating by Standard & Poor's, saying the rating agency is incompetent and Brazil's economy is solid, Xinhua news agency informed.

Brazil's Minister of Institutional Relations Ideli Salvatti questioned the capability of S&P, saying "it did not even manage to realize the risk of the 2008 crisis."

"The Brazilian economic figures are very solid when it comes to the population's quality of life: jobs, macroeconomic control, foreign exchange reserves and foreign investment," said Salvatti.

Brazil's central bank said Tuesday it will rise to meet its economic challenges, including embracing a combination of austerity policies, exchange rate flexibility and the use of Brazil's cash reserves.

S&P announced Monday that it was downgrading Brazil's credit rating from BBB to BBB-, citing Brazil's "weak external accounts" and "fiscal slippage."

In addition, S&P said, Brazil's low growth prospects "reflect both cyclical and structural factors," and the government has little room to maneuver in the face of external shocks.



Komentarioj


Lasu komentarion
Ĉiuj kampoj bezonatas
Ne estos publikigita
captcha challenge
up