🇧🇷 Brazil
Public Sector Debt · 2026
Total Debt
83.5%
of GDP
Global Rank
#43
of 192
Interest Burden
21%
of govt revenue
S&P Rating
BB
Credit rating
SOE Debt
+4.4%
2 categories
5yr Change
-6pp
improving
Interest Cost
8.3%
of GDP (govt only)
Where the Debt Sits
Central Government
Central Government: 72.7%Subnational: 6.4%Dev Banks: 1.3%Energy SOEs: 3.1%
Who Holds This Debt
Holder Breakdown
Domestic 90%
Domestic: 90%Foreign: 10%
Currency Denomination
Local 95%
Local currency: 95%Foreign currency: 5%
Full Debt Breakdown
Central Government72.7% of GDP
LFTs (floating-rate, Selic-linked)BCB — Gross General Government Debt48% share. Low duration risk. Dominant instrument.
35.1%NTN-Bs (inflation-linked, IPCA)BCB — Gross General Government Debt26% share. Pension fund favorite.
18.8%LTNs & NTN-Fs (fixed-rate)BCB — Gross General Government Debt22% share. Highest interest rate risk.
16.0%FX-linked & ExternalBCB — Gross General Government DebtOnly 3.8%. Reduced since 2000s crises.
2.8%Subnational / Regional6.4% of GDP
SubnationalBCB — Gross General Government Debt
6.4%Energy SOEs3.1% of GDP
PetrobrasPetrobras 2024 Annual ReportNet debt $59.1B. Gross debt $61.8B. Leverage ratio 0.72x.
2.5%EletrobrasEletrobras Q3 2024 earningsNet debt R$53.6B (~$12B). Partially privatized 2022 but govt retains golden share.
0.6%Development Banks1.3% of GDP
BNDESBNDES IR 2025Balance sheet assets R$885B. Outstanding credit R$554B. Key SOE lender.
1.3%Total Corporate Debt53.9% of GDP
Nonfinancial corporate debt (total)BIS Credit Statistics Q3 2025Petrobras ~4.5% GDP. Eletrobras privatized 2022.
53.9%Household Debt36.7% of GDP
Household debtBIS Credit Statistics Q3 2025Moderate. High interest rates limit borrowing.
36.7%Unfunded Pension Liabilities200.0% of GDP
RGPS + RPPS + military pension unfundedWorld Bank 2024; IMF Equitable Pensions Ch.20Combined spending ~13% GDP. One of highest in world for demographics.
200.0%State Bank Liabilities2.6% of GDP
Caixa Economica FederalCaixa 2024 Annual ResultsLargest state bank. R$1.19T in housing credit. Total assets R$2.87T.
2.6%All Layers Total376.7%
Credit Ratings
S&P
BB
Moody's
Ba1
Fitch
BB
Data Sources
BCB — Gross General Government Debtgeneral_government · Updated monthly
Feb 202679.2% GDP
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