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By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – As expected by many economists and feared by Brazilian government officials, another ratings agency has downgraded the country’s sovereign ratings. Fitch Ratings lowered Brazil’s rating from BBB to BBB-, one grade shy of junk level, while maintaining its outlook negative.

“The rating downgrade reflects Brazil's rising government debt burden, increased challenges to fiscal consolidation and a worsening economic growth backdrop,” said the statement released on Thursday by the agency.

According to Fitch

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