Foreign Currency: BB-/Stable/B Local Currency: BB-/Stable/B For further details, see Ratings List. Despite various policy advances by the Temer Administration, Brazil has made slower-than-expected progress in putting in place meaningful legislation to correct structural fiscal slippage and rising debt levels on a timely basis. Delays in advancing corrective fiscal measures, critical to addressing one of Brazil's key rating weaknesses, along with uncertain policy prospects following the 2018 presidential elections, reflect weaker effectiveness in policymaking by Brazil's political class. As a result, we are lowering our long-term sovereign credit ratings on Brazil to 'BB-' from 'BB'. We are also affirming our 'B' short-term sovereign credit ratings. The stable outlook reflects our view that Brazil's comparatively solid external profile and the flexibility
