LATAM WRAP-S&P's negative outlook puts pressure on Brazil

S&P's decision to put Brazil's BBB- rating on negative outlook cast a shadow over what had been a positive Tuesday in the LatAm credit markets. Brazilian bond prices dipped after S&P raised the possibility of demoting the country's credit standing to junk, though overall the response was relatively muted. Brazil 2025s were down about 30 cents in early afternoon to trade at around 93.00, while the country's five-year CDS was back at around 300bp-302bp after opening around 291bp.