NEW YORK (Standard&Poor's) Jan. 24, 2005--Standard&Poor's Ratings Services today published a commentary that outlines both the economic prospects for the Federative Republic of Brazil (BB-/Stable/B foreign currency, BB/Stable/B local currency sovereign credit ratings) in 2005 and the policy challenges that continue to characterize this 'BB-' credit. The article, titled, "Perspectives: Brazil 2005," finds that, following the improvement in Brazil's economic fundamentals in 2004, the economy has solid macroeconomic prospects for 2005. "Improved creditworthiness should better position Brazil for the expected slowdown in global economic activity in 2005 and for any possible adverse shocks," said Standard&Poor's credit analyst Lisa Schineller. "Real GDP growth in 2005 is projected to moderate somewhat from its pace of over
