Brazil should have been downgraded below investment grade last year, as the economy struggled with a widening fiscal deficit, a growing economy-wide debt burden, and a weak and worsening business environment. The corruption scandal at energy giant Petrobras is finally causing ratings agencies to reassess Brazil, but the move comes too late, and their downgrades probably will not be sufficient to reflect the true risk.
巴西在去年就应该被降级到投资级以下，因为巴西经济存在不断扩大的财政赤字、日益增加的总体经济债务负担，以及疲软且不断恶化的商业环境。能源巨头巴西石油公司（Petrobras）的腐败丑闻最终导致评级机构重新评估巴西，但这一动作来得太迟了，并且降级幅度也许也不足以反映真正的风险。其他新兴市场看上去也十分脆弱，有可能遭遇降级。