Bonds

Fears Flare in Brazil as Deep Downgrade Rattles the Bond Market

A motorcyclist passes the Raizen SA Dock Sud oil refinery in Buenos Aires.
Photographer: Tomas Cuesta/Bloomberg

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By Vinicius Andrade and Giovanna Bellotti Azevedo

February 10, 2026 at 5:38 PM UTC

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It’s just two companies. But their escalating financial strains have sent bondholders racing to the exits and sown fear that more Brazilian businesses will be driven to the brink by the nation’s highest interest rates in two decades.