S&P pushes Brazil credit rating further into junk to BB-

Photo_Web_Standard_Poor_270116

File: According to ratings agency Standard and Poor's, South Africans are looking at a tough 2016.

File: According to ratings agency Standard and Poor's, South Africans are looking at a tough 2016.

Photo_Web_Standard_Poor_270116

File: According to ratings agency Standard and Poor's, South Africans are looking at a tough 2016.

File: According to ratings agency Standard and Poor's, South Africans are looking at a tough 2016.

WASHINGTON - International credit rating agency Standard and Poor&39;s on Thursday pushed Brazil further into junk territory, lowering the long-term ratings of Latin America&39;s biggest economy to BB-.

S&P said that despite "various policy advances" by the government of President Michel Temer, "Brazil has made slower-than-expected progress in putting in place meaningful legislation to correct structural fiscal slippage and rising debt levels on a timely basis."