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Brazil cut to 'junk' credit rating by Standard & Poor's
Source: BBC
Brazil cut to 'junk' credit rating by Standard & Poor's
10 September 2015 Business
Brazil has lost its investment-grade credit rating following a downgrade by Standard & Poor's to "junk" status.
The US rating agency said mounting political turmoil and the difficulties faced by President Dilma Rousseff's government in tackling growing debt was behind the decision.
Brazil was awarded an investment-grade rating by S&P in April 2008, when the country's economy was on the rise.
However, sliding commodity prices and austerity have created a recession.
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10 September 2015 Business
Brazil has lost its investment-grade credit rating following a downgrade by Standard & Poor's to "junk" status.
The US rating agency said mounting political turmoil and the difficulties faced by President Dilma Rousseff's government in tackling growing debt was behind the decision.
Brazil was awarded an investment-grade rating by S&P in April 2008, when the country's economy was on the rise.
However, sliding commodity prices and austerity have created a recession.
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Read more: http://www.bbc.com/news/business-34205558
