sexta-feira, 10 de outubro de 2014

Brazilian States' New Leaders Must Control Expenditures

NEW YORK--(Business Wire)--Fitch expects the next Brazilian state governments to control public employee costs as they will continue to face weak economic conditions and low job creation that will likely crimp tax collection growth. On Oct. 5, Brazil held its general elections to choose the president, national congress, state governors and state legislatures. The new officials will take their seats on Jan. 1, 2015.

Despite the adoption of various strategies that materially increased tax revenues in recent years, particularly the value-added tax (ICMS), states are suffering from growing public employee costs, including pension payments. This has led to historically low operating margins. In 2015, operational margins for the five Fitch-rated states are expected to rise to 5.4% from the 4.7% anticipated for 2014. However, there is some room for downward revisions.

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