Fitch Ratings downgrades Brazil's outlook to negative
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Author : Kelly
Update time : 2020-05-11 14:04:07
Fitch Ratings lowered its outlook on Brazil’s credit rating to negative from stable.
Fitch indicated that the severe economic and financial damage had an impact on Brazil, Latin America’s largest economy, due to the COVID-19 pandemic. Brazil’s GDP was predicted to decline by 4% in 2020.
Fitch mentioned that Brazil’s economy was on course to shrink this year with risks still tilting to the downside and noted a rapidly deteriorating fiscal position and growing political risks.
