- Standard & Poor's cuts Brazil's sovereign debt rating to BBB-, the agency's lowest investment-grade rating, citing a combination of fiscal slippage, the prospect that fiscal execution will remain weak amid subdued growth in the coming years, a constrained ability to adjust policy ahead of the October presidential elections, and some weakening in Brazil's external accounts.
- S&P changes its outlook to stable from negative, meaning further downgrades are unlikely for now.
- The downgrade was expected, but the timing prior to the October election, in which Pres. Rousseff will seek re-election, may pose a headache for her government.
- Brazil ETFs: EWZ, BRF, BRXX, EWZS, BRAQ, BRAZ, BZQ, BRZU, BRAF, UBR, BRZS, DBBR, FBZ
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