In Brazil's Bad Year, These Corporate Borrowers Were Hardest Hit
- For corporate bondholders, 2015 was the worst in a decade
- Latin America's bigget economy lurched from crisis to crisis
This article is for subscribers only.
For Brazil, 2015 was never going to be a banner year. But even the pessimists were surprised by how bad it actually turned out to be.
Latin America’s largest economy was hit by crisis after crisis: A colossal corruption scandal. The worst recession in a quarter century. A growing fiscal deficit. The arrest of a billionaire banker. A mining catastrophe. The start of presidential impeachment proceedings. Political paralysis. And, finally, the loss of its coveted investment grade.