Corporate credit demand in Brazil declined 0.5% in November from the prior month and sank 11.4% from a year ago, credit research firm Serasa Experian said in a news release.

In the aggregate period between January and November, corporate loan demand dropped 2.3% compared to the same period of 2015.

According to Serasa's economists, lower demand for working capital amid the country's deepening recession and high interest rates "continue to negatively weigh on corporate credit demand."