This report supplements our research update "Brazil Long-Term Ratings Lowered To 'BB' On Significant Political And Economic Challenges; Outlook Negative," published on Feb. 17, 2016. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. Our rating action on Feb. 17, 2016, reflected our view that Brazil's credit profile had weakened further since Sept. 9, 2015, when we had previously lowered the ratings. The political and economic challenges Brazil faces remain considerable. We now expect a more prolonged adjustment process with a slower correction in fiscal policy, as well as another year of
