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Brazil to reduce spending even further after downgrade, minister says
Dhu Published in Saudi Press Agency on 10 - 09 - 2015

AlQa'dah 26, 1436, Sep 10, 2015, SPA -- The Brazilian government plans to cut back spending
even further, Finance Minister Joaquim Levy said Thursday, hours
after the rating agency Standard & Poor's downgraded the country's
bonds to junk, dpa reported.
S&P downgraded Brazil's debt from BBB- TO BB+ late Wednesday, meaning
the world's seventh-largest economy lost its investment-grade rating.
The agency also said its outlook was poor and additional downgrades
might follow.
S&P argued that the Brazilian government's failure to get Congress to
pass an austerity budget had a major influence in the decision.
-- SPA
22:38 LOCAL TIME 19:38 GMT
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