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News: S&P Affirms Brazil at BB-

BRAZIL
  • Brazil's long-term foreign currency debt rating was affirmed by S&P at BB-, outlook stable.
    • Strong exports and ; more dynamic private investment' expected to 'propel' brazil recovery this year (S&P)
  • Citigroup strategists are recommending a long position on the Brazilian real, funded by the Chilean peso via two-month options, as the real looks cheap and the peso is likely to weaken on political uncertainty.
    • The BRL is likely to benefit from increasing rate hikes restoring more meaningful carry, with an improved fiscal outlook due to strong growth.
  • Brazil's Worsening Drought Threatens Wave of Farmer Defaults
    • The drought in Brazil is so severe that some farmers are reneging on their sales contracts, a sign that the turmoil seen in agricultural markets this year isn't over.
  • Brazil registered 2,507 COVID-19 deaths on Wednesday and 95,601 additional cases, according to data released by the nation's Health Ministry.
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