RIO DE JANEIRO, BRAZIL - Fitch said in a statement that it revised the outlook for Brazil's banking sector from stable to negative "due to the worsening of the global coronavirus pandemic".

According to the agency, the global macroeconomic shock caused by the disease imposes "execution challenges for all sectors in Brazil," in a more complex and challenging scenario for companies, the retail sector and individuals.

"This scenario is bound to change the dynamics of credit for banks and for all nonbank financial institutions in the country and should impact their financial profiles," it points out.

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