S&P downgrades Brazil to junk

Report says that this move will further hamper President Dilma Rousseff's efforts to regain investors' trust.

Standard & Poor's downgraded Brazil's credit rating to junk grade, according to reports.

This move will further hamper President Dilma Rousseff's efforts to regain investors' trust.

S&P has reduced Brazil's rating to BB-plus, the highest junk rating, from BBB-minus.