The Presidential Daily Brief


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    S&P Cuts Brazil’s Credit Rating to Junk

    Not sticking to your budget is costly. That’s today’s message from Standard & Poor’s as it reduces the investment grade credit rating of Latin America’s biggest country to junk. The move is a response to Brazilian politicians failing to meet budget deficit targets and is a blow for President Dilma Rousseff, who has been trying to get her fiscal house in order but has been forced, twice, to slash budget forecasts. The demotion from a BBB- rating to BB+ also comes with a warning: Brazil could be downgraded again soon.

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