News / Economy

S&P Cuts Brazil Credit Rating

FILE - Brazil's Finance Minister Guido Mantega speaks during the announcement of cuts in the Federal Budget, at the Finance Ministry in Brasilia, Feb. 20, 2014.
FILE - Brazil's Finance Minister Guido Mantega speaks during the announcement of cuts in the Federal Budget, at the Finance Ministry in Brasilia, Feb. 20, 2014.
VOA News
An international credit rating company, Standard & Poor's, has cut Brazil's debt rating.

S&P, one of the world's three main credit rating companies, downgraded the country's long-term debt rating Monday to BBB minus, the agency's lowest investment-grade rating.

The company said it made the change because of Brazil's slower economic growth and what it called "mixed policy signaling by the government."

It also said the government has a constrained ability to adjust policy ahead of presidential elections in October.

Brazil's government did not have an immediate response.

The world's other two main credit rating companies, Moody's Investors Service and Fitch Ratings, have not cut their ratings on Brazilian debt.

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