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Bonds News

Moody's says new Brazil budget target shows slow progress on debt

SAO PAULO, July 8 (Reuters) - Brazil’s new budget target underscores the slow pace of a fiscal adjustment under the current government and is not enough to stop the country’s negative debt trends, a senior analyst at Moody’s Investors Service said on Friday.

“Even though the recently announced 2017 primary deficit target of 139 billion reais ($42 billion) represents an improvement over 2016, it was larger than we had anticipated in absolute and relative terms,” wrote Samar Maziad in a note to Reuters.

$1 = 3.29 Brazilian reais Reporting by Guillermo Parra-Bernal; Editing by Chris Reese

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