NEW YORK (Standard&Poor's) April 29, 2003--Standard&Poor's Ratings Services said today that it revised its outlook on its long-term local and foreign currency sovereign credit ratings on the Federative Republic of Brazil to stable from negative. Standard&Poor's also affirmed its 'BB' long-term local, 'B+' long-term foreign, and 'B' short-term local and foreign currency sovereign credit ratings on the republic. "The stable outlook reflects recent progress and prospects for a further strengthening of Brazil's fiscal position," said sovereign analyst Lisa Schineller. "President Luiz Inácio Lula da Silva and his administration have thus far demonstrated a commitment to stabilize the stock of government debt," she added. According to Ms. Schineller, first, the government raised the primary (noninterest)
