June 28, 2017 / 1:48 PM / 9 months ago

Brazil defaults climb in May as corporate woes linger

BRASILIA/SAO PAULO, June 28 (Reuters) - Loan defaults in Brazil jumped in May to a fresh record, the central bank said on Wednesday, reflecting the impact of the country’s harshest recession ever and protracted corporate debt restructurings.

Defaults for 90 days or more, a benchmark gauge for loan delinquencies, climbed to 5.9 percent of non-earmarked, outstanding credit last month, compared with 5.7 percent in April, the central bank said in a report. Last month the default ratio, as the gauge is known, hit the highest level in eight months. (Reporting by Marcela Ayres and Guillermo Parra-Bernal; Editing by Chizu Nomiyama)

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