The pandemic has exacerbated some of Brazil's key structural weaknesses, primarily low economic growth, large fiscal imbalances, and a high government debt burden. The country's fiscal reform agenda has evolved slowly, while larger fiscal deficits are exerting funding pressures on the government. We are affirming our 'BB-/B' sovereign credit ratings on Brazil. The stable outlook indicates that we assume timely implementation of fiscal adjustment and modest economic recovery will help preserve market confidence and adequate funding conditions for the government in local markets in the next two years, despite a sustained increase in the debt burden. On Dec. 10, 2020, S&P Global Ratings affirmed its 'BB-/B' long- and short-term foreign and local currency sovereign credit ratings on Brazil. The outlook
