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Fitch Affirms Brazil's 'BB-' Ratings; Outlook Negative

BRAZIL
  • "Brazil's ratings are supported by its large and diverse economy, high per-capita income relative to peers and capacity to absorb external shocks underpinned by its flexible exchange rate, moderate external imbalances, robust international reserves, net sovereign external creditor status and deep domestic government debt market. This is counterbalanced by Brazil's high financing needs and government indebtedness, a rigid fiscal structure, weak economic growth potential and a difficult political landscape that hampers timely progress on fiscal and economic reforms."
  • "The Negative Outlook reflects downside risks to the economy and public finances and debt trajectory in the context of tightened financing conditions and increased doubts about the credibility of the spending ceiling anchor, following changes to its calculation to make room for additional social spending."
  • The full report can be found here: https://www.fitchratings.com/research/sovereigns/f...
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