NEW YORK (Standard&Poor's) Sept. 17, 2004--Standard&Poor's Ratings Services said today that it raised its long-term foreign currency sovereign credit rating on the Federative Republic of Brazil to 'BB-' from 'B+'. The upgrade reflects marked improvement in Brazil's external liquidity position and improved fiscal dynamics amid strong macroeconomic policy management. Standard&Poor's also revised its outlook on the rating to stable from positive. At the same time, Standard&Poor's affirmed its 'BB' long-term local and 'B' short-term sovereign credit ratings on the republic. The stable outlook on the local currency ratings remains unchanged. According to Standard&Poor's credit analyst Lisa Schineller, strong balance-of-trade performance in 2004-2005 underpins the decline in external financing needs (current
