May 5, 2020 / 10:03 PM / 22 days ago

Fitch lowers Brazil outlook to 'negative' as crisis deepens

BRASILIA, May 5 (Reuters) - Credit ratings agency Fitch Ratings on Tuesday lowered its outlook on Brazil’s sovereign debt to negative from stable, citing a rapidly deteriorating economy, fiscal position and growing political risks amid the coronavirus pandemic.

Maintaining its BB- credit rating, Fitch said Brazil’s economy is on course to shrink 4% this year, with risks tilted to the downside and vulnerable to further shocks from coronavirus, whose duration and intensity is hard to determine. (Reporting by Jamie McGeever; Editing by Sandra Maler)

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