On March 11, 2014 S&P downgraded the long-term sovereign debt rating of Latin America's largest economy, Brazil, by one notch to BBB−, the agency's lowest investment-grade rating, from BBB.
On September 9, 2015, Standard & Poor's Ratings Services lowered its long-term foreign currency sovereign credit rating on the Federative Republic of Brazil to 'BB+' from 'BBB−', and the long-term local currency sovereign credit rating to 'BBB−' from 'BBB+'.