May 19 Fitch on Brazil:
* affirms Brazil at 'BB'; outlook negative
* says affirmed Brazil's long-term foreign and local
currency issuer default ratings (IDRs) at 'BB'
* Brazil's ratings are constrained by structural weaknesses
in its public finances, high and rising government debt burden,
weak growth prospects,
* issue ratings on Brazil's senior unsecured foreign and
local currency bonds are also affirmed at 'BB'
* says Brazil's country ceiling is affirmed at 'BB+' and
short-term foreign currency and local currency IDRs at 'B'
* Brazil's ratings are also constrained by weaker governance
indicators, & repeated episodes of political instability & have
negative implications for economy
* says forecasts general government deficit to average close
to 8% of GDP during 2017-2018, down from close to 9% of gdp in
* Brazil's economic recovery prospects remain "challenging"
after two years of recession
* says negative outlook reflects continued uncertainties
around outlook for Brazil's economic recovery
* high & increasing unemployment rate, corporate and
household de-leveraging & lingering fiscal and political
uncertainties weighed on economic recovery
* "political environment remains challenging although policy
and reform inertia have eased over past few months"
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