A local ratings firm stripped Brazil of its investment grade on Thursday, saying President Dilma Rousseff’s new budget savings goals are insufficient to stabilize the country’s growing debt burden.
Austin Rating, which specializes in rating local financial institutions and companies, cut Brazil’s foreign-currency debt to BB-plus, a level considered “junk,” and the local-currency debt to BBB-minus, its lowest investment-grade rating. Both ratings have a stable outlook.
Brazil Energy Insight 
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