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Sovereign and corporate issuers in Latin America will be adversely affected by slower Chinese demand and commodity price weakness caused by coronavirus due to high commodity export dependence and direct trade exposure to China, says Fitch Ratings.

One in four Fitch-rated corporates in Latin America is exposed to either a one-notch sovereign or country ceiling downgrade, while ratings for nearly one-third of issuers are vulnerable to a two-notch downgrade, according to Fitch Ratings. There are a meaningful number of...