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Brazil on review for cut to junk status

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Rio de Janeiro - Moody's put Brazil's sovereign rating on review for a cut to junk status on Wednesday, piling more pressure on embattled President Dilma Rousseff.

The rating agency said in a statement that "worsening governability conditions and increased risk of policy paralysis" was one of the main drivers for the move, which comes with Rousseff fighting for her political life under the threat of impeachment.

Moody's also identified as a chief concern "rapidly and materially deteriorating macroeconomic and fiscal trends and diminished likelihood of trend reversal in the next 2 to 3 years."

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