Brazil Pays Credit-Rating Price on Pension Overhaul Failure

Brazil paid the price for failing to approve President Michel Temer’s flagship pension overhaul as S&P Global Ratings downgraded Latin America’s largest economy further into junk territory. S&P cut Brazil’s debt rating to BB-, three notches below investment grade and the same as Bangladesh, Macedonia and the Dominican Republic. The outlook is stable, S&P said. The decision marks a defeat for Finance Minister Henrique Meirelles, who late last year met officials from the three major rating companies to fend off a...