S&P affirms Minas Gerais

Standard & Poor’s said it affirmed its BBB- global scale and brAAA national scale issuer credit ratings on the state of Minas Gerais.

The outlook remains stable.

S&P said the ratings on Minas Gerais reflect the state’s “satisfactory” financial management, “moderate” contingent liabilities and “average” budgetary flexibility while operating in a weak economy.

“We expect the state to maintain ‘strong’ budgetary performance in the next two years, though slightly weakened from our previous ‘strong’ benchmark assessment in 2014. The ratings are constrained by the state’s high debt levels and ‘less than adequate’ liquidity,” S&P said in a news release.

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