NEW YORK (Standard&Poor's) April 6, 2009--Standard&Poor's Ratings Services today said it affirmed its 'BBB-/A-3' long- and short-term foreign currency sovereign credit ratings on the Federative Republic of Brazil. At the same time, Standard&Poor's affirmed its 'BBB+/A-2' long- and short-term local currency ratings on Brazil. The outlook on both of the long-term ratings remains stable. We also affirmed our 'BBB+' transfer and convertibility assessment and our 'brAAA' national scale rating on Brazil. "The low investment-grade rating on Brazil remains supported by a solid commitment to prudent macroeconomic policies during times when the international credit crunch and global economic slowdown have significantly affected the local economy," said Standard&Poor's credit analyst Sebastián Briozzo. "The reaffirmation
