S&P downgrades Brazil's long-term credit rating

FILE - In this Dec. 7, 2016 file photo, Brazil's President Michel Temer arrives to take part in a ceremony at the Planalto Presidential Palace, in Brasilia, Brazil. Credit agency Standard & Poor’s has downgraded Brazil’s long-term sovereign credit rating, citing a lack of progress in implementing economic reforms. S&P lowered the country’s long-term rating from BB to BB- and kept the short-term rating at B. (AP Photo/Eraldo Peres, File)

SAO PAULO — Credit agency Standard & Poor's has downgraded Brazil's long-term sovereign credit rating, citing a lack of progress in implementing economic reforms.

S&P lowered the country's long-term rating from BB to BB- and kept the short-term rating at B.

The agency said Thursday in a statement that the downgrade was due to slow progress in correcting "structural fiscal slippage and rising debt levels."

It also said there is a risk of greater policy uncertainty after this year's elections.

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