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Standard and Poor’s downgrades Brazil rating again

February 17, 2016 by

Standard and Poor’s on Wednesday downgraded Brazil’s sovereign credit rating for the second time in six months, this time to double-B from double-B-plus. In September, S&P downgraded Brazil from investment grade to double-B-plus, a speculative rating. As part of Wednesday’s action, S&P put a ‘negative’ outlook on Brazil’s rating, saying persistent fiscal problems could lead to another downgrade later in the year. In its statement, S&P pointed to a number of problems facing Brazil, including the government’s inability to curb deficits, a broad economic slowdown and a political crisis linked to a sweeping probe into corruption.

Link to S&P release

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