Brazil Outlook Lowered to Negative by Moody’s on Temer Probe

Brazil’s credit outlook was cut by Moody’s Investors Service, which said the corruption scandal ensnaring President Michel Temer poses a rising threat to the recovery of Latin America’s largest economy.

Moody’s reduced the nation’s outlook to negative from stable and kept its rating at two levels below investment grade at Ba2, according to a statement Friday. That’s a notch below Turkey and Russia. Fitch Ratings and S&P Global Ratings rank Brazil at the same level.

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