NEW YORK (Standard&Poor's CreditWire) Jan. 3, 2001--Standard&Poor's today upgraded the Federative Republic of Brazil's long-term local and foreign currency sovereign credit ratings. Standard&Poor's raised the long-term local currency sovereign credit rating to double-'B'-plus from double-'B' and the long-term foreign currency sovereign credit rating to double-'B'-minus from single-'B'-plus. Standard&Poor's also assigned a double-'B'-minus rating to Brazil's prospective US$1 billion Global Bond offering due 2006. In addition, Standard&Poor's affirmed Brazil's single-'B' short-term sovereign credit ratings. The outlook on the long-term ratings was revised to stable from positive. The upgrades reflect the government of Brazil's improved macroeconomic management since the Real crisis in 1999, a platform that includes significant fiscal adjustment and progress
