COMMENT: We'll tell you why this matters to Santa Barbara - and Exxon - soon. Check back for the answer. - Ed.
From: BBC
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. MORE
From: BBC
 |
| Getty photo - Ms Rousseff had tried to head off a downgrade with austerity measures |
Brazil has lost its investment-grade credit rating following a downgrade by Standard & Poor's to "junk" status.
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. MORE
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