Fitch has deprived Brazil’s investment rating

Moscow. December 16. International rating Agency Fitch downgraded long-term Issuer default ratings (IDR) of Brazil in foreign and national currency up to “BB+”, which is the speculative level “BBB-“, according to a press release of the Agency.

The forecast for ratings is “negative”.

The ceiling of the country rating downgraded Brazil to ‘BBB -‘ from ‘BBB’, short-term IDR in foreign currency is deteriorated to ‘ B ‘from ‘ F3’.

“The downgrade of Brazil reflects a deeper recession in the economy than previously expected, a negative budget trends as well as the increased political uncertainty that could further undermine the ability of the government to effectively implement fiscal measures to stabilize the growing debt burden,” – said in a press release.

The Agency experts note that the deterioration of domestic background difficult the conduct of the Brazilian authorities in a timely and correct measures to support confidence and improve growth prospects, fiscal consolidation and debt stabilization.

According to Fitch ratings, Brazil’s GDP in 2015 will decrease by 3.7%, in 2016 – 2.5%.