Brazil’s credit rating was cut to junk by Fitch Ratings, which became the second major ratings company to strip the country of its investment grade this year.
Brazil was downgraded one step to BB+ and the outlook for the grade is negative, Fitch said Wednesday in a statement. Brazil’s currency extended declines. The move could push investors worldwide to sell the country’s assets since many institutional investors such as pension funds require investments to be made in assets that are rated investment grade by at least two major ratings companies.
Brazil Energy Insight 
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