Fitch downgrades Hapvida to A(bra), outlook negative on liquidity burn

Fitch downgraded Hapvida's national rating to A(bra) from AA+(bra) with a negative outlook, citing persistent operational and financial deterioration, recurrent liquidity burn, client losses, and elevated costs. The downgrade reflects continued failure to capture synergies and unresolved cost pressures, signaling sustained credit stress for the Brazilian health insurer.