Brazil’s economy contracted 4.08 percent in 2015, said last week the nation’s central bank. The country’s economy posted a decline of 0.15 percent in 2014, according to the central bank.

Last year’s economic performance was the worst since Brazil’s central bank began measuring the nation’s economic growth in 2003, news agency Associated Press reported.

According to the report, the bank used a methodology that differs from how Brazil’s official statistics agency calculates the country’s official economic growth rate. That agency will only publish its full-2015 figures early next month.

Associated Press additionally reported that international credit agency Standard & Poor’s last week downgraded Brazil’s sovereign credit rating to two notches below investment-grade territory from BB+ to BB.

“There is a greater than one-in-three likelihood of a further downgrade because of the risk of potential key policy reversals given Brazil’s fluid political dynamics and inconsistent policy initiatives,” Standard & Poor’s said.