Fitch lowers Brazil outlook to ‘negative’ as crisis deepens

Fitch Ratings on Tuesday lowered its outlook on Brazil’s credit rating to negative from stable, the latest indication of the severe economic and financial damage being wrought on Latin America’s largest economy by the coronavirus pandemic.

Maintaining its “junk-status” BB-minus sovereign credit rating, Fitch said Brazil’s economy is on course to shrink 4% this year with risks still tilted to the downside, and noted a rapidly deteriorating fiscal position and growing political risks.

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