By Lise Alves, Senior Contributing Reporter
SÃO PAULO, BRAZIL – The economic scenario in Brazil deteriorated on Wednesday as Moody’s downgraded the country’s sovereign risk to junk status and changed the country’s outlook to negative. Moody’s was the last of the three large risk-rating agencies to lower Brazil’s credit ratings.
“[Brazil’s] deterioration is expected to continue over the coming three years, given the scale of the shock to the Brazilian economy, the lack of progress made by the government in achieving its fiscal and economic reform objectives and the political dynamics expected to . . .