Fitch maintains Brazil credit rating with negative outlook

0 Comment(s)Print E-mail Xinhua, November 11, 2017
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RIO DE JANEIRO, Nov. 10 (Xinhua) -- Global credit rating company Fitch on Friday announced it was maintaining Brazil's BB credit rating with a negative outlook.

The BB rating is two notches below the coveted investment grade that signals low risk of default to investors.

"Six months after the last assessment ... the country remains two levels below investment grade," Agencia Brasil news agency said on its website.

"The negative outlook means the country's credit rating can be downgraded any time before the next review," the agency said.

In its latest report, Fitch cited high government debt, the poor state of public finances, weak growth prospects and weaker governance indicators compared to other emerging economies as factors in "affirming" Brazil's credit rating.

It also said political instability threatened the adoption of structural reforms designed to reduce public spending, including social security reforms.

Fitch said Latin America's biggest economy is projected to grow 0.6 percent in 2017, and 2.6 percent in 2018 and 2019. Enditem

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