Corporate credit demand in Brazil fell 2.2% in 2016 to the lowest level since 2013, amid the country's worst recession in decades, according to credit research firm Serasa Experian.

"According to Serasa Experian economists, low working capital demand, in view of the [country's] deepening recession, reduced business confidence levels and still very high interest rates weighed negatively on the companies' credit demand in the previous year," the firm said in a news release.