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By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – A week after Brazil’s government presented a forecast of a deficit in its 2016 budget, rankings agency, Standard & Poor’s downgraded the country’s long-term foreign and local currency sovereign ratings to ‘BB+’ and ‘BBB-‘, respectively, taking away its investment grade.

The agency stated in its release that the political challenges faced by Brazil are weighing on the government’s ability to conduct policy corrections promised by President Dilma Rousseff during her second term in office.

“The negative outlook reflects what we believe is a greater than . . .

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