Standard & Poor’s cuts Brazil further into junk territory

REUTERS/BRENDAN MCDERMID

Standard & Poor’s downgraded Brazil’s credit rating deeper into junk territory on Wednesday, citing its failure to curb its fiscal deficit, in a surprise blow to President Dilma Rousseff`s bid to haul the economy out of its worst recession in decades. The agency cut Brazil’s sovereign credit rating to BB from BB+ with a negative outlook.

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