LatinNews Daily - 23 May 2017

* Standard & Poor’s (S&P), the international credit ratings agency, has said that it could downgrade Brazil’s credit rating to ‘junk’ once again due to the recent political instability related to a corruption inquiry into President Michel Temer, which S&P notes could jeopardise the key economic reforms - including the labour and pensions reforms - promoted by the Temer government. S&P’s warning came just as Brazil’s finance minister, Henrique Meirelles, attempted to downplay the impact of the political crisis during a conference call with investors. In response to fears that the crisis would delay the progress of the economic reforms in congress, Meirelles said that normal legislative activity should resume “in a couple of weeks”.

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