Fitch trims Globo

Fitch Ratings said it downgraded Globo Comunicacao e Participacoes SA’s long-term foreign-currency issuer default rating and its dollar-denominated unsecured notes to BB from BB+.

Fitch affirmed the long-term local-currency issuer rating at BBB and revised the outlook to negative from stable.

The agency affirmed the national scale ratings at aaa(bra)/stable.

Fitch cited a reduced commitment to keep cash abroad as the reason for the downgrade.

“Additionally, the hard-currency balances held abroad are insufficient to warrant notching above Brazil’s country ceiling of BB,” Fitch said in a press release.

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