S&P Global Ratings downgraded the sovereign ratings of Brazil citing less timely and effective policymaking.
The agency lowered the ratings to 'BB-' from 'BB', with a stable outlook. The current rating is three notches below the investment grade.
S&P said Brazil made slower-than-expected progress in putting in place meaningful legislation to correct structural fiscal slippage and rising debt levels on a timely basis.
According to S&P, the absence of cohesive political support for corrective economic measures diminishes the prospects for a solid and prompt response following the 2018 elections.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.