NEW YORK--(BUSINESS WIRE)--Fitch Ratings has downgraded the ratings of General Shopping Brasil S.A. (GSB) as well as those of its subsidiaries. See the full list of rating actions at the end of this release. In addition, Fitch has assigned 'RR2' and 'RR5' Recovery Ratings to GSB's USD250 million perpetual notes and USD150 million subordinated perpetual notes, respectively. The ratings have been placed on Rating Watch Negative. The downgrades reflect GSB's deterioration in its financial leverage