Before the Senate votes whether or not to impeach President Dilma Rousseff, Fitch Ratings Inc. downsized the rating of Brazil’s sovereign debt further.
The rating agency downgraded the country from BB+ to BB, stressing a larger than projected economic degeneration and changing fiscal goals.
In December, Fitch removed Brazil’s investment grade status seven years following a commodities-ignited surge helped glide the country to its highest.
The company added outlook had descended sharply since last year, with a 3.8% economic downfall anticipated this year because of dwindling job markets, China’s economic downfall, and greater political uncertainty in the country.
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