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Brazil’s private sector feeling December heat

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Last week, Fitch joined Moody’s and Standard & Poor’s in downgrading crisis-struck BTG Pactual, the region’s 11th largest bank by assets, according to Latin Trade’s latest Top 100 Banks ranking. The downgrade marks the latest blow to Brazil’s private sector amid the Petrobras scandal and President Dilma Rousseff’s impeachment process, which began last week after she was accused of illegal accounting in the government’s handling of the federal budget. Grupo BTG was hit by the arrest of its founder and former controlling shareholder André Esteves on November 25 as part of Operation Lava Jato (car wash), the ongoing investigation into […]
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