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Fitch downgrades Catalonia to BB; outlook negative

FXStreet (Córdoba) - Fitch Ratings downgraded the Autonomous Community of Catalonia (Catalonia) to 'BB' from 'BBB-' , while keeping a negative outlook.

Among main drivers, Fitch cited Catalonia passing a resolution on 9 November for formally commencing the process for independence.

According to Fitch, Catalonia's 'BB' and Negative Outlooks also reflect the following main factors: The region posted wide negative current balances over 2008-2014 (averaging -16%), and will need funding to finance its expected budget deficit in 2015, which Fitch expects to be around 2% of regional GDP, and over medium term.

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