Brazil is years away from regaining investment grade: S&P

The initial approval of a public spending cap is a step in the right direction, but it will still take years and other tough reforms for Brazil to regain its coveted investment-grade rating, a senior analyst with S&P Global Ratings told Reuters.

In a late Friday telephone interview from the sidelines of the International Monetary Fund and World Bank meeting in Washington, S&P’s Lisa Schineller said that to change Brazil’s negative outlook the agency needs to see concrete action from the new government to shore up its depleted fiscal accounts.

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