Fitch Ratings Affirms Kohl's at 'A'; Outlook Negative

...Inflation rose to 8.8% by end-2019, well above the target 5% (+/-2pp). The central bank faces a difficult balance, as tightening policy to improve inflation-targeting credibility could stoke further peso appreciation pressures. A fiscal deficit of 4.3% of GDP in 2019 exceeded budget estimates and debt reached 62.6% of GDP, well above peers. The new government may face pushback to pledged spending cuts and difficult trade-offs between growth and fiscal priorities....

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