from Zero Hedge
Fitch Ratings has downgraded Canada’s Long-Term Foreign Currency Issuer Default Rating (IDR) to ‘AA+’ from ‘AAA’ (outlook stable) citing the deterioration of Canada’s public finances resulting from the pandemic.
The nation is expected to run a bigger general govt deficit this year and emerge from recession with “much higher public debt ratios”
“The higher deficit is largely driven by public spending to counteract a sharp fall in output as parts of the economy were shuttered to contain the spread of the coronavirus”
The headline extended the losses on the loonie…