Fitch Ratings, Inc

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(646) 368-1319
777 3rd Ave, New York, NY 10017
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Fitch downgrades, affirms IDRs of several Brazilian corporations
Fitch downgrades, affirms IDRs of several Brazilian corporations

November 2, 2015

Fitch Ratings downgraded the foreign currency Issuer Default Ratings of several Brazilian corporations. The Brazilian sovereign foreign and local currency IDRs dropped from BBB to BBB- and the country ceiling from BBB+ to BBB. The current foreign currency rating is Negative. Brazil's rising debt, challenges to fiscal consolidation and economic growth are all factors in the downgrade.

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