S&P downgrades Brazil’s long-term credit rating
SAO PAULO (AP) — Credit agency Standard & Poor’s has downgraded Brazil’s long-term sovereign credit rating, citing a lack of progress in implementing economic reforms.
S&P lowered the country’s long-term rating from BB to BB- and kept the short-term rating at B.
The agency said Thursday in a statement that the downgrade was due to slow progress in correcting “structural fiscal slippage and rising debt levels.”
It also said there is a risk of greater policy uncertainty after this year’s elections.