NEW YORK (Standard&Poor's) August 24, 2004--Standard&Poor's Ratings Services said today that it affirmed its 'B+' long-term foreign, 'BB' long-term local, and 'B' short-term local and foreign currency sovereign credit ratings on the Federative Republic of Brazil. Standard&Poor's also affirmed the positive outlook on the long-term foreign currency rating, assigned Dec. 11, 2003, which reflects declining external vulnerability underpinned by ongoing marked improvement in Brazil's trade balance amid continued fiscal and monetary discipline. The stable outlook on the long-term local currency rating was also affirmed. "Continued progress in reducing Brazil's fiscal and external vulnerabilities and policies to support moderate GDP growth of 3.5%-4.0% beyond the 2004-2005 cyclical recovery would support improved creditworthiness," said Standard&
