By Lise Alves, Senior Contributing Reporter
SÃO PAULO, BRAZIL – After withdrawing Brazil’s investment grade ranking in December, risk classification agency, Fitch, once again lowered the country’s credit rating, now from BB+ to BB. According to the risk agency the country remains in negative perspective, and more downward revisions may occur.
“The downgrade of Brazil's ratings reflects the deeper-than-anticipated economic contraction, failure of the government to stabilize the outlook for public finances and the sustained legislative gridlock and elevated political uncertainty that are sapping domestic confidence and undermining governability as well as policy effectiveness,” stated . . .