March 25, 2014 / 12:01 PM / in 4 years

Brazil central bank says ready for challenges after S&P downgrade

RIO DE JANEIRO, March 25 (Reuters) - Brazil’s central bank on Tuesday said it will continue to respond to challenges in the international scenario after Standard & Poor’s decision to downgrade the country’s credit ratings.

That response includes a rigorous set of macroeconomic policies, a flexible exchange rate regime and the use of liquidity buffers “to smooth out moves in asset prices,” the central bank said in a statement.

S&P late on Monday cut Brazil’s credit rating to BBB minus, its lowest investment grade level, citing a deterioration in the country’s fiscal performance and prospects of subdued economic growth in the coming years. (Reporting by Walter Brandimarte; Editing by Chizu Nomiyama)

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