Fitch revises Prumopar notes view to negative

Fitch Ratings said it revised the rating outlook on Prumo Participacoes e Investimentos SA’s (Prumopar) $350 million of senior secured notes to negative from stable and affirmed the long term rating at BB.

The revision follows the change on Brazil’s long-term foreign-currency issuer default rating of BB- to negative from stable.

“Brazil’s outlook revision to negative reflects the deterioration of Brazil’s economic and fiscal outlook, and downside risks to both given renewed political uncertainty, including tensions between the executive and congress, and uncertainty over the duration and intensity of the coronavirus pandemic,” the agency said in a press release.

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