S&P Global Ratings reaffirmed Brazil’s long and short term credit notes in foreign and local currency in “BB-/B”. The agency also preserved the rating on a national scale in “BrAAA” and the assessment of convertibility and transfer in “BB+”. The institution justifies the decision with the expectation that the implementation of a fiscal adjustment and the “modest economic recovery” of the country.
Source: Agencia Estado
Day: December 11, 2020
Brazilian coffee sales advance to 74% of harvested volume in 2020, says Safras
The commercialisation of the Brazilian coffee harvest this year reached 74% of the total until December 8th, informed the consultancy Safras & Mercado, representing an evolution of 5% in relation to the previous month. The advanced business has allowed record exports from Brazil in recent months, according to data from the board of exporters Cecafé.
Source: Reuters
Iata raises to $13.6 bn projection of revenue loss of airlines in Brazil
Iata raised to $13.61 bn the estimated loss of revenues for airlines in Brazil in 2020 because of covid-19. In total revenue, the association expects that the country’s airlines will close 2020 with a drop of 71% compared to 2019, in the July report, the projection was to close with a drop in revenue of 57%.
Source: UOL Economia
Energy consumption may grow 5% in 2021, evaluates Moody’s
Moody’s risk rating agency evaluates that the outlook for the distribution sector in Brazil in 2021 is one of stability. It is estimated that demand will continue to recover over the next 12 to 18 months as the covid-19 pandemic falls this year. The expectation is that by 2021 demand will grow by 5% while the economy gradually recovers.
Executive Branch allocates $800 mm credit for Kandir Law agreement
The Executive Branch sent to the National Congress modifications in proposal (PLN 41/20) that foresees additional credit this year. With this, the government opens space to settle R$ 4 billion ($800 mm) in agreement to compensate federative entities for the Kandir Law, most of it allocated in transfers from the Union to states, the Federal District and municipalities.
Source: Money Times
