NEW YORK (Standard&Poor's) Jan. 13, 2004--Standard&Poor's Ratings Services said today that it assigned its 'B+' rating to the Federative Republic of Brazil's US$1.5 billion 8.25% 30-year global bond due 2034. Standard&Poor's also affirmed its 'B+' long-term and 'B' short-term foreign currency sovereign credit ratings and positive outlook, as well as its 'BB' long-term and 'B' short-term local currency sovereign credit ratings and stable outlook on Brazil. According to Standard&Poor's Credit Analyst Helena Hessel, fundamental factors supporting the ratings include a consistent and prudent macroeconomic framework, which encompasses inflation and fiscal consolidation strategies and a floating exchange rate. "The recent improvement in the debt management strategy, which strengthened the profile of the public
