LONDON (Standard&Poor's CreditWire) Feb. 29, 2000--Following progress in reducing inflation Standard&Poor's today raised its long-term local currency issuer credit rating on the Federative Republic of Brazil to double-'B' from double-'B'-minus. At the same time, the ratings on the government's conventional floating-rate and inflation-indexed Brazilian real senior unsecured issues were also upgraded to double-'B', while U.S. dollar-linked local currency senior unsecured debt remains at double-'B'-minus. Standard&Poor's also affirmed its single-'B'-plus/'B' long- and short-term foreign currency issuer credit ratings on Brazil, and the single-'B' short-term local currency issuer credit rating on Brazil. The outlook on both long-term ratings was revised to positive from stable. The upgrade of the local currency rating reflects further progress in reducing
