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LatinNews Daily - 13 March 2020

In brief: Fitch revises down Chile outlook

* International credit ratings agency Fitch Ratings has maintained Chile’s Long-Term Foreign Currency Issue Default Rating (IDR) at ‘A’ but has revised its outlook on the rating from ‘stable’ to ‘negative’. In a note Fitch explained that the negative outlook reflects Chile’s “lower growth prospects and higher fiscal deficit levels following the social unrest that began in mid-October 2019”, as well as “downside risks posed by a more uncertain political environment and global economic backdrop”. With the protests ongoing and Chile preparing to hold a plebiscite on whether to draft a new constitution in April, Fitch warns that the lingering social unrest, political uncertainty, and unfavourable global economic scenario dampen Chile’s economic prospects this year with GDP growth forecast to come in at 1.2%, significantly lower than Fitch’s previous forecast of 3%.

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