By Lise Alves, Senior Contributing Reporter
SÃO PAULO, BRAZIL – The investment grade of Brazil has been pummeled with the downgrade on Wednesday of the country’s sovereign rating by Fitch Ratings. Along with the downgrade, Fitch also announced that it has issued Brazil a negative outlook, leaving Brazil now as junk status.
“Brazil's downgrade reflects the economy's deeper recession than previously anticipated, continued adverse fiscal developments and the increased political uncertainty that could further undermine the government's capacity to effectively implement fiscal measures to stabilize the growing debt burden,” stated the announcement issued by Fitch on . . .