Moody's cuts Brazil rating to near junk

Moody's cut Brazil's credit rating to near junk on Tuesday, reflecting growing struggles with debt and looming recession in the seventh largest economy in the world. The downgrade was yet another piece of bad news for President Dilma Rousseff, who is facing opposition threats of impeachment proceedings and whose government is deeply unpopular. According to Moody's, a weakening economy, rising government spending and "lack of political consensus on fiscal reforms" are dam