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STXNEWS LATAM-Brazil corporate defaults jump in July -Serasa
August 27, 2014 / 12:03 PM / in 3 years

STXNEWS LATAM-Brazil corporate defaults jump in July -Serasa

Loan defaults and other bills in arrears at Brazilian companies rose 12.9 percent in July from June, the biggest increase for the month since the data series began in 2000, credit research company Serasa Experian said on Wednesday.

Serasa attributed part of the increase to a low base of comparison with June due to holidays and business slowdowns during soccer’s World Cup, which Brazil hosted.

Brazil’s economic slowdown, combined with higher interest rates and wages, also contributed to the figure, Serasa said.

On an annual basis, defaults rose 11.4 percent.

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