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S&P cuts Brazil sovereign credit rating to junk

That Petrobras scandal has contributed to rock-bottom approval ratings for President Dilma Rousseff, with some in Congress pushing for her impeachmentStandard & Poor’s cut Brazil’s sovereign credit rating to junk Wednesday, citing the struggle by President Dilma Rousseff’s government to master growing debt and political turmoil. “We are lowering the long-term foreign and local currency ratings on Brazil to ‘BB+’ and ‘BBB-‘ respectively,” the agency said in a statement. The junk rating is a blow to Brazil’s foundering economy because it could drive off investors just when Rousseff and her finance minister, Joaquim Levy, are battling to balance the books.

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