Following on the heels of Standard & Poor’s and Fitch,testy’s indicates negative outlook as Brazil grapples with worst recession in decadesBrazil’s economic gloom deepened on Wednesday when credit rating agency testy’s downgraded the recession-hit nation’s sovereign debt status to junk.
testy’s said the outlook for Brazil’s issuer and bond ratings was negative due to the prospect of further deterioration in debt ratios amid an economic contraction, as well as the risk of further external shocks.
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Source: theguardian.com