Ratings agency Standard & Poor’s cut Brazil’s credit rating further below investment grade on Thursday as doubts grew about a presidential election in October and a push to trim its costly pension system, seen as vital to closing a huge fiscal deficit. S&P lowered its long-term rating for Brazil sovereign debt to BB- from BB previously, with a stable outlook, citing less timely and effective policymaking. S&P also cited a risk of greater policy uncertainty after this year’s elections.
Britain must cut its budget deficit and fix its economy or face long-term decline, Conservative Prime Minister David Cameron will say on Wednesday, seeking to convince voters that his austerity plan is the only way forward.
Standard and Poor's Corp said Thursday it was upgrading the credit rating of Brazil by one notch to BBB, adding that the upgrade reflected the country’s increasing capacity to hold up against the overall deterioration in the global economic outlook.
Brazil local-currency credit rating is being reviewed for an upgrade by Standard & Poor’s, which cited the country’s economic stability. The rating was affirmed at BBB+, the third-lowest investment grade, S&P said in a statement.
One of the top credit rating agencies, Standard & Poor's, has downgraded the United States' top-notch AAA rating for the first time ever. S&P cut the long-term US rating by one notch to AA+ with a negative outlook, citing concerns about budget deficits.
US Treasury Secretary Timothy Geithner said he is not sure whether the bitterly fought debt agreement to be considered by the US Senate will avoid a downgrade of the U.S. top-tier credit rating.
The credit rating agency Standard & Poor’s upgraded on Monday Uruguay’s rating by one notch to BB-plus, only one notch below investment grade, praising years of “prudent and consistent” economic policies in the country.
European Commission strongly criticised international credit ratings agencies following the downgrade of Portugal by Moody's. The Commission said the timing of the downgrade was questionable and raised the issue of the appropriateness of behaviour of the agencies in general.
Colombia’s credit rating was raised to investment grade by Moody’s Investors Service, matching a move by Standard & Poor’s two months earlier, as economic growth accelerates and the threat posed by guerrilla groups and organized crime recedes.
A complicated week for Japan: car production in April plunged as manufacturers continue to face a shortfall in parts supply and credit rating agencies downgraded the outlook on the country’s debt to negative from stable.