BRIEF-Fitch Revises Andorra's Outlook To Positive Affirms At 'Bbb+'

BY Reuters | CORPORATE | 01/14/22 05:45 PM EST

Jan 14 (Reuters) -

* FITCH REVISES ANDORRA'S OUTLOOK TO POSITIVE; AFFIRMS AT 'BBB+'

* FITCH SAYS EXPECTS RECOVERY IN GDP GROWTH AND DECLINE IN FISCAL SUPPORT IN ANDORRA TO UNDERPIN A RETURN TO GENERAL GOVERNMENT FISCAL SURPLUS IN 2022

* FITCH ON ANDORRA SAYS IN 2022, EXPECT DIRECT TAX REVENUES TO BENEFIT FROM HIGH EMPLOYMENT RATE, WHICH WAS AT ITS HIGHEST LEVEL IN 10 YEARS IN 3Q21

* FITCH ON ANDORRA SAYS EXPECT ECONOMY TO BE BROADLY RESILIENT TO OMICRON VARIANT UNLESS MOBILITY RESTRICTIONS AT BORDERS ARE RESTORED Source text for Eikon:

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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