S&P downgrades Brazil to BBB-

S&P downgrades Brazil to BBB-

Corporate & Sovereign Strategy

Standard & Poor’s cut Brazil’s sovereign rating a notch to BBB- on Monday as it berated the country for its poor fiscal performance and low growth prospects. The government of Dilma Rousseff has come under fire for overspending and letting its finances slip in the months leading to the October presidential election. The finance ministry in February announced that it would cut BRL44 billion ($19bn) from this year's budget as policymakers sought to fight inflation and tighten fiscal management. Bu

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