By Lise Alves, Senior Contributing Reporter
SÃO PAULO, BRAZIL – Almost two years after Standard & Poor’s Ratings Services lowered its long-term foreign currency sovereign credit rating for Brazil to ‘BB’, S&P cuts its ratings once again, this time to ‘BB-‘, noting the country has made slower-than-expected progress to correct its fiscal situation.
“While the government has advanced many microeconomic reforms, it has been unsuccessful thus far in garnering broad congressional support to strengthen the fiscal trajectory in order to facilitate adherence to Brazil's constitutional spending cap,” said the international credit rating agency . . .