brasilia brazil finance minister henrique meirelles speak major credit rat agencies thursday government scramble avoid sovereign debt downgrade due grow doubt propose pension reform rein surge public debt vote unpopular bill overhaul social security system see vital close fiscal deficit delay 2018 fail muster support congress lawmakers warn handle hot-button issue ahead next year elections would reduce chance approval meirelles say radio interview tell rat agencies delay february mean pension reform approve tell radio estad would reasonable agencies wait bill vote decide potential downgrade low house speaker rodrigo maia monday say pension reform would hard approve bill pass february first vote put last week schedule feb. 19 christmas-to-carnival holiday recess maia tell news conference room discuss long transition period public sector employees include start work 2003. would add future pension cost maia say government refuse give one penny fiscal save current version bill would save 480 billion reais 146 billion 10 years accord government estimate 800 billion reais original proposal concessions make try win passage brazil bloat pension system especially generous public sector employees main cause huge budget deficit cost latin america large nation prize investment-grade credit rat two years ago finance ministry say meirelles hold conference call rat agency representatives thursday investors fear failure streamline social security could weaken brazil recovery deep economic downturn force central bank raise interest rat all-time low trigger new sovereign rat downgrade 2018. last week moody investors service call delay vote pension bill credit negative raise possibility reform approve next year give political uncertainty surround presidential elections moody say note clients brazil try avert credit downgrade pension reform doubt grow