Fitch cuts Minas Gerais

Fitch cuts Minas Gerais

Brazil Corporate & Sovereign Strategy

Fitch Ratings said it has downgraded the Brazilian state of Minas Gerais to B- from BB- amid concerns over the timely payment of financial obligations. The rating agency said the downgrade stemmed from poor financial management planning which resulted in delayed payments to suppliers and public-sector employees. This led to speculation regarding both the willingness and ability to make full and timely payments within the next 12 months and was further fueled when the state declared a financial e

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