Day: May 20, 2020

S&P downgrades Azul with negative outlook

S&P Global Ratings downgraded Azul Linhas Aéreas’ credit rating on a global scale from “B” to “CCC +”, with a negative rating outlook. S&P believes that Brazilian airlines should face a contraction in demand of around 50% in 2020, causing Azul to maintain about 40% of its fleet on land until the end of the year.

GDP contraction may be greater than 5% in 2020

Treasury Secretary Mansueto Almeida said that the contraction of Gross Domestic Product (GDP) this year may be greater than 5%, compared to an official estimate of a 4.7% decline, and stressed that projections worldwide are being revised by account of the coronavirus pandemic.

CCEE transfers $ 98 million to energy distributors

The Electric Energy Trading Chamber (CCEE) reported that it transferred about R$ 538 million ($ 98 million) from the Energy Development Account (CDE) to electricity distributors, as a way to mitigate the effects of the coronavirus in the sector, which suffers with default and drop in consumption.

Brazil may close May with export of 14.7 million tons of soybean

Brazil may close the month of May with soybean shipments of 14.7 million tons, according to a weekly survey by (Anec). The expected volume had a slight increase compared to the previous week’s report, which indicated 14 million tons. According to the association, in the month to May 16, the country has already shipped 7.5 million tons of soybeans.