NY -- Standard&Poor's CreditWire 7/31/98 – Standard&Poor's today affirmed its double-'B'-minus rating on the Republic of Brazil's US$58 billion of long-term foreign currency debt and its double-'B'-plus/single-'B' ratings on the Republic's R297 billion of long- and short-term real-denominated debt. Additionally, Standard&Poor's affirmed its double-'B'-minus long-term foreign currency and its double-'B'-plus long-term local currency sovereign credit ratings on the Republic. The rating outlook remains stable. At the same time, Standard&Poor's affirmed its double-'B'-minus rating on Banco Nacional de Desenvolvimento Economico e Social's (BNDES) $3.1 billion of long-term foreign currency debt and its double-'B'-plus local currency issuer credit rating on BNDES. Also, Standard&Poor's has affirmed its double-'B'-minus rating on Banco do Nordeste
