BRIEF-Fitch downgrades Brazil to 'BB', outlook negative
May 5 (Reuters) - Fitch:
* Fitch downgrades Brazil to 'BB'; outlook negative
* Issue ratings on Brazil's senior unsecured foreign- and local-currency bonds are also downgraded to 'BB' from 'BB+'
* Brazil's public finances remain under pressure and repeated changes to fiscal targets have undermined fiscal credibility
* Brazil negative outlook reflects continued uncertainty surrounding progress that can be made to improve outlook for growth,public finances
* General government debt burden is expected to reach nearly 80% of GDP by 2017
* Forecasts that growth will reach -3.8% in 2016 and 0.5% in 2017
* Ratings reflects deeper-than-anticipated economic contraction
* Country ceiling is downgraded to 'BB+' from 'BBB-' and short-term foreign-currency IDR is affirmed at 'B' Continuación...