Fitch reaffirms BB- rating of Brazil, with negative outlook

Ratings agency Fitch kept Brazil’s long-term credit rating in local and foreign currency unchanged at BB-, as well as the “negative” outlook. In a report released earlier, Fitch reports that the country remains with high public debt, rigid fiscal structure, fragile economic growth potential and challenging political scenario, which makes it difficult to advance economic and fiscal reforms in the appropriate period of time.

Source: Valor Investe

São Paulo industries’ sales should grow 10% this year

Sales of São Paulo industries should grow by 10.2% this year, according to a survey conducted by the Federation of Industries of the State of São Paulo (Fiesp) and the Center of Industries of the State of São Paulo (Ciesp). Named São Paulo Industry Directions, the survey was conducted with 400 businessmen between May 6 and 14.

Source: G1 Economia

CGT Eletrosul purchases the entire TSLE for $41.7 mm

Eletrobras informed the market that its subsidiary CGT Eletrosul signed a contract for the acquisition of the remaining 49% of the capital stock of CEEE-T in Transmissora Sul Litorânea de Energia (TSLE). With the completion of the operation, CGT Eletrosul will hold 100% of the capital stock of TSLE, in which it was already a shareholder. The operation is conditional on obtaining the consent of TSLE’s creditors.

Source: Canal Energia

With overdue payments of $33.1 mm, Brazil is second largest debtor at WHO

Brazil remains the second largest debtor to the World Health Organization (WHO) with arrears of $33.1 million from 2019-2020, according to data from the Ministry of Economy. This year, Brazil has made four instalments of payments, totalling just over $2 million of 2019-2020 arrears. For this year, it has an invoice of $15 million to pay in the entity. One portion of the debt is in dollars and another in Swiss francs.

Source: Valor Investe

Chesf invests $2.5 mm in improvements for its hydroelectric

With an investment of R$ 1.7 million ($327k), Chesf is making improvements in the Xingó hydroelectric power plant (3.1 GW), located on the border of the states of Alagoas and Sergipe. The works are part of a set of adjustments that the company will carry out in all power plants in the Northeast, with investments estimated at R$ 13 million ($2.5 mm)for the recovery of paving, implementation of safety areas, among other actions.

Source: Canal Energia

Revenues of the machinery and equipment sector grow 72% in April

The turnover of the Brazilian machinery and equipment industry grew 72.2% in April compared to the same month last year, totalling R$ 16.6 billion ($3.1 bn) in 2021. In the last 12 months, the sector’s sales accumulated the amount of R$ 179 billion ($34.5 bn), an increase of 18.1%. The data was released by the Brazilian Association of Machinery and Equipment Industry (Abimaq).

Source: Money Times