On May 23, 2011, Standard&Poor's Ratings Services revised its foreign-currency outlook on Brazil to positive but maintained the stable local-currency outlook. Based on our updated methodology and assumptions for rating sovereign governments, which we published on June 30, 2011, we have now revised the outlook on the local-currency rating on Brazil to positive from stable. We believe that Brazil's exchange rate regime and capital market development will continue to underpin a two-notch differential between the foreign- and local-currency ratings. BUENOS AIRES (Standard&Poor's) Aug. 25, 2011--Standard&Poor's Ratings Services said today that it revised its local-currency outlook on the Federative Republic of Brazil to positive from stable. Standard&Poor's also said that it affirmed its
