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Financial News: BRAZIL: Fitch Affirms BB Rating And Maintains Negative

BRAZIL: Fitch Affirms BB Rating And Maintains Negative Outlook

11/10/2017 - 17:13:00 (RTTNews)

(RTTNews) - Credit risk agency Fitch kept Brazil's rating unchanged at BB with a negative outlook, pointing to the country's public accounts "structural weaknesses" and the government's high indebtedness, together with the prospects of low economic growth and the recent political instability.

"These weaknesses are counterbalanced by Brazil's economic diversity and entrenched civil institutions, with per capita income higher than the median of other BB-rated countries," Fitch noted.

"The country's capacity to absorb shocks is underpinned by its flexible exchange rate, robust international reserves position, a strong net sovereign external creditor position, and deep and developed domestic government debt markets," Fitch said.

"An improved policy environment, reduced external imbalances, and the passage of some microeconomic reforms in recent months are supportive of the credit profile," the report added.

The negative outlook reflects continuing uncertainties about the strength and sustainability of the economic recovery, as well as doubts related to the prospects for stabilizing public debt in the medium term, and advances in the legislative agenda, primarily associated with the pension reform bill.

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