Brazil Credit Rating Cut To 'Junk' By S&P, For The First Time In 7 Years

Standard and Poor's downgraded Brazil's credit rating to "junk" Wednesday, revoking the country's investment-grade rating awarded in 2008. The decision to downgrade Brazil's sovereign debt by one notch -- to BB-plus from BBB-minus -- is likely to aggravate one of the worst economic downturns the South American nation has faced in over two decades.