BRIEF-Fitch downgrades Brazil to 'BB', outlook negative

jueves 5 de mayo de 2016 17:17 GYT
 

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...