Russia’s Debt Rating Cut by S&P on Outflows, Reserves (Bloomberg): Russia’s long-term debt rating was lowered for the first time in nine years by Standard & Poor’s, which cited capital outflows and the “rapid depletion” of the foreign currency reserves.

Brazil Real Falls as Inflation, Trade Reports Fuel Rate-Cut Bet (Bloomberg): Brazil’s real declined, extending a four-month slide, as an inflation gauge slowed more than expected last month and the country posted its biggest weekly trade deficit in three months, the latest evidence the economy is faltering amid a rout in commodities.

Latvia’s IMF Bailout Plan Maintains Currency Peg, Trading Band (Bloomberg): Latvia’s International Monetary Fund- led bailout package will involve loans from other European governments and will maintain the country’s currency peg to the euro, the IMF said.

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