NEW YORK (Standard&Poor's) May 16, 2007--Standard&Poor's Ratings Services said today that it raised its long-term foreign sovereign credit rating on the Federative Republic of Brazil one notch, to 'BB+' from 'BB', and its long-term local currency sovereign credit rating by two notches, to 'BBB' from 'BB+'. Standard&Poor's also raised its short-term local currency sovereign credit rating on Brazil to 'A-3' from 'B' and affirmed its 'B' short-term foreign currency rating. The outlook on the long-term ratings remains positive. The national scale credit rating on the republic was raised to 'brAAA' from 'brAA+', and the outlook on this rating is stable. Standard&Poor´s also raised its transfer and convertibility assessment for Brazil to ´BBB´
