Fitch cuts Brazil's credit rating to junk

Fitch cut Brazil’s sovereign debt rating to junk status Wednesday, the second downgrade for the world’s seventh economy as it struggles through a deep recession and a damaging political crisis. The rating agency lowered Brazil’s status from “BBB-” to “BB+”, the first step into “speculative” or “junk” territory. Brazilian President Dilma Rousseff is currently fighting calls for her impeachment, and the economy is mired in a worse-than-expected recession.

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