Brazil, Russia, India and China (BRIC) could see their fiscal growth decelerate over the next 12 to 24 months, as per a new Standard & Poor's Rating Services’ (S&P) report. S&P informs that the deceleration could negatively affect financiers in the four countries.
However, Geeta Chugh, Credit Analyst at S&P, reveals that financiers in the BRIC group will not suffer much because many of them are state-owned and such a link being integral to the economic model of these countries, the governments will step in to avoid any abrupt and unexpected deterioration in the local banks' financial condition. While the ratings for major banks in Brazil, Russia and China are stable, Indian banks are currently placed on a negative watch.