NEW YORK--(BUSINESS WIRE)--The special purpose vehicles (SPV) several Brazilian state governments have set up to issue debt backed by unpaid taxes ("divida ativa" in Portuguese) hold some important risks, Fitch Ratings says. In general, debt issued by special purpose vehicles like these carry the private sector risk of the underlying assets. However, these vehicles also have embedded political risk. Tax debt restructuring programs may offer generous writedowns of both the past due taxes and fin
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