Fitch Ratings on Thursday once again downgraded Brazil’s sovereign credit rating, this time to double-B, or two notches below investment grade. Fitch last downgraded Brazil at the end of 2015. In a statement Thursday, Fitch said it was taking the action because of Brazil’s stagnant economy and failure of the government to reverse the trend toward deterioration of public accounts. Fitch maintained a negative outlook for its Brazil rating, saying another downgrade could come later this year.
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