×

Brazil says it will stick with reforms after S&P warns of potential downgrade to credit rating

Pilar Olivares | Reuters

The Brazilian government said on Monday it is committed to business-friendly reforms after S&P Global Ratings threatened to downgrade the country further into junk territory amid a political crisis.

S&P revised Brazil's outlook to "CreditWatch negative," which means it can downgrade the country over the next three months.
Growing doubts about President Michel Temer capacity to stay in office and push forward the reforms "have heightened downside risk to the rating," S&P said.

Follow CNBC International on Twitter and Facebook.