Brazil run-off likely to be a close race, says Moody's

A woman looks at displayed towels and presidential campaign materials depicting Brazil's former President Luiz Inacio Lula da Silva and Brazil's President Jair Bolsonaro, in Rio de Janeiro, Brazil, July 20, 2022. REUTERS/Ricardo Moraes/File Photo

Oct 3 (Reuters) - Moody's rating agency said on Monday that the results of Brazil's election on Sunday indicate a tight race in the run-off between President Jair Bolsonaro and former President Luiz Inacio Lula da Silva scheduled for October 30.

"The results of the first round of the presidential elections in Brazil suggest a close race in the second round. They also made it clear that the next administration will continue to deal with a Congress that is too fragmented to advance a reform agenda," said Samar Maziad, senior analyst at Moody's Investors Service.

Reporting by Carolina Pulice and Peter Frontini

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