Fitch downgrades Brazil's credit rating
Fitch credit rating agency has downgraded Brazil from BBB to BBB- but maintained the country's investment grade rating. The outlook remains negative.
The BBB- rating is the lowest score in the investment range, which means that any further downgrades will push the country down to a non-investment grade (maximum BB+).
Fitch explained that its decision reflects Brazil's growing debt burden, increased challenges with fiscal recovery, and a deterioration in the economic scenario.
The agency has also said the outlook should remain negative as long as political uncertainties continue to undermine confidence, delaying investment and growth recovery and increasing the risks to the prospect of a healthy budget in the medium term that enables the country to stabilize its debt.
Translated by Mayra Borges
Fonte: Fitch downgrades Brazil's credit rating
