Moody’s downgrades Brazil’s credit ratings

International credit rating agency Moody has downgraded Brazil’s ratings on Tuesday 11^th August 2015, from Baa2 to Baa3, but improved country’s outlook from negative to stable. In less than a year Rio de Janeiro will become the first South American city to host Olympics games. Brazil is the largest country in South America in area and population and one of the fastest growing economic powerhouses from 2000 to 2010 under the leadership of ex-president Luiz Inacio Da Silva from 2000- 2011. Brazil’s current leader Dilma Rousseff had discontent from growing middle class. A far reaching investigation into corruption at Petrobras the state owned oil company has destabilized the current government and damaged the economy.

Vice President Michael Temer is more than likely to see his influence and the popularity grow as President Dilma Rousseff faces calls for her impeachment over claims of graft.

Brazil is showing the entire world that it can deliver a great Olympic games according to Nawal El Moutawakel, head of international Olympic committee’s co-ordination commission.