Brazil's Deficit Rises, Ethiopia's Rating Downgraded

Brazil's central government faces a higher-than-expected primary deficit in November, with a year-to-date deficit of 114.6 billion reais. The primary deficit exceeded market expectations, attributed to major spending increases. Additionally, Brazil's public debt increased by 2.48% in November, reaching 6.325 trillion reais, driven by domestic and international issuances. Ethiopia's long-term foreign currency rating was downgraded to 'RD' or restricted default by Fitch due to a missed payment on its $1 billion Eurobond.