Abstract This paper examines the behaviour of credit rating agencies (CRAs) during the ebbing ‘pink tide’. It claims that the actions of S&P Global, Moody’s and Fitch contributed to dismantling left-wing regimes in Latin America, to the benefit of their right-wing competitors. The methodology draws on case studies of Brazil and Argentina, where the governments of Dilma Rousseff and Cristina Fernández de Kirchner were replaced by those of Michel Temer and Mauricio Macri, respectively. The research is based on sovereign ratings, reports and press releases the agencies issued during those transitions, which are analysed in the light of critical theories of their modus operandi and confronted with the political processes unfolding in both countries. This allows us to draw conclusions that are consistent with the presented argument, thereby contributing to advance the research agenda around the CRAs and to shed light on Brazil and Argentina’s recent critical presidential transitions. (CRAs pink tide. tide . tide’ SP S P Global Moodys Moody s leftwing left wing America rightwing right competitors Argentina Macri respectively ratings transitions countries argument Argentinas

Resumo Este artigo examina o comportamento das agências de classificação de crédito (CRAs) durante a “maré rosa”. O argumento trabalhado é que as ações da S&P Global, Moody’s e Fitch contribuíram para o desmantelamento dos regimes de esquerda na América Latina, em benefício de seus concorrentes de direita. A metodologia baseia-se em estudos de caso do Brasil e da Argentina, onde os governos de Dilma Rousseff e Cristina Fernández de Kirchner foram substituídos pelos de Michel Temer e Mauricio Macri, respectivamente. A pesquisa baseia-se em classificações soberanas, relatórios e comunicados de imprensa emitidos pelas agências durante essas transições, que são analisados à luz de teorias críticas de seu modus operandi e confrontados com o processo político que se desenrola em ambos os países. Isso nos permite tirar conclusões consistentes com o argumento apresentado, contribuindo assim para o avanço da agenda de pesquisa sobre as CRAs e para lançar luz sobre as recentes transições presidenciais críticas do Brasil e da Argentina. (CRAs maré rosa. rosa . rosa” SP S P Global Moodys Moody s Latina direita baseiase baseia Argentina Macri respectivamente soberanas países apresentado

ABSTRACT This paper analyzes the restrictions imposed by financialization on domestic policy space, especially in emerging economies, in light of the actions of credit rating agencies. The working hypothesis is that these agencies, in their interaction with governments, act to constrain the policy space from their position in the international financial system. Thereby, they operate in favor of the financial markets’ agenda through the issuance of sovereign ratings and at the discursive level. The methodology draws on the case study of Brazil, based on sovereign ratings and reports issued by S&P Global, Moody’s, and Fitch Ratings, which shows that such agencies have a vast repertoire to promote the orthodox neoliberal agenda in the national political and economic process. economies governments system Thereby markets level Brazil SP S P Global Moodys, Moodys Moody s, s Moody’s Ratings process

RESUMO O artigo examina as restrições impostas pela financeirização sobre o “policy space” doméstico, em especial de economias emergentes, à luz da atuação das agências de rating. A hipótese de trabalho é que essas agências, em sua interação com governos, atuam para reduzir o “policy space” a partir da posição que ocupam no sistema financeiro internacional. Nesse sentido, tanto através da atribuição de ratings soberanos quanto no plano discursivo, elas operam em prol da implementação de uma agenda de interesse do mercado financeiro. A metodologia do artigo consiste no estudo de caso do Brasil, com base nos ratings e relatórios emitidos por S&P Global, Moody’s e Fitch Ratings sobre o país, que evidenciam que tais agências dispõem de um variado repertório para promover a agenda ortodoxa neoliberal no processo político e econômico nacional. policy space doméstico emergentes rating governos internacional sentido discursivo Brasil SP S P Global Moodys Moody s país nacional

Abstract This paper analyzes credit rating agencies’ actions in Brazilian presidential transitions in the light of what is understood as financialization. It argues that the agencies, from their position in the international financial system, express and promote the financialization process during presidential transitions. To that end, they resort to forms of political activism in favor of the orthodox agenda defended by financial markets enthusiasts. The methodology draws on the case study of Brazil, with reference to the five presidential transitions that took place there between 2002 and 2018. The analysis is based mainly on the Brazilian sovereign ratings issued by S&P Global, Moody’s and Fitch Ratings, and on the country reports published by these agencies.