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Financials

Brazil's move to ditch pension reform effort "credit negative" - Moody's

BRASILIA, Feb 20 (Reuters) - Moody’s Investors Service said the Brazilian government’s decision to drop its efforts to seek approval of the pension reform proposal in Congress was credit negative.

“While we already expected that a major pension reform was unlikely, ditching off the plans to pursue its approval is a credit negative development that will severely restrict the authorities’ ability to comply with the government spending ceiling in the coming years,” the credit rating agency said on Tuesday in a note to clients. (Reporting by Anthony Boadle Editing by Chizu Nomiyama)

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