LatAm Daily | Moody’s downgrades Brazil to Baa3 due to economic and political issues

Overnight, Moody’s decided to downgrade Brazil while attaching a stable outlook. The decision comes after S&P’s outlook downgrade to negative from stable 2 weeks ago. Meanwhile, June retail sales will be released today; we expect a drop of 0.4% MoM, supporting our view of a severe contraction in consumption

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