S&P downgrades Brazil’s credit rating to "junk" statusSeptember 10, 2015 - 10:00 AMT PanARMENIAN.Net - Brazil has lost its investment-grade credit rating following a downgrade by Standard & Poor's to "junk" status, according to BBC News. The U.S. rating agency said mounting political turmoil and the difficulties faced by President Dilma Rousseff's government in tackling growing debt was behind the decision. Brazil was awarded an investment-grade rating by S&P in April 2008, when the country's economy was on the rise. However, sliding commodity prices and austerity have created a recession. Rousseff's left-wing government had imposed austerity measures in a bid to avoid such a downgrade. S&P downgraded Brazil - Latin America's largest economy - sooner than had been expected. The move - a major setback for Finance Minister Joaquim Levy's attempts to shore up public finances - is likely to rock the Brazilian stock market on Thursday, September 10. S&P cut Brazil's rating from BBB-minus to BB-plus, which denotes substantial credit risk. The outlook on the new rating remains negative, which means further downgrades could soon follow. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. Macron says France commemorates 109th anniv. of Armenian genocide Today France commemorates the 109th anniversary of the Armenian genocide of 1915, Macron says. Freedom House concerned by mounting reports of police violence in Armenia Freedom House urged Armenian authorities to investigate this pattern of excessive force and inhumane treatment. |