Inflation slowdown paves the way for Brazil's central bank to cut interest rates further.
Legislators approved a budget reassignment, although another US$100mn in pension debt payments fall due in what remains of the year.
The debt-addled nation is still recovering from a massive earthquake a year ago and, more recently, a controversial presidential election that included a recount.
The downgrade reflects further deterioration in Trinidad & Tobago's debt burden, including a higher-than-expected rise in net general government debt to GDP and the interest burden over 2017-2020, said S&P in a press release.
Legislators approved a law barring additional charges to premiums when workers switch plans after taking a new job.