NEW YORK (Standard&Poor's) Dec. 11, 2003--Standard&Poor's Ratings Services said today that it revised its outlook on its long-term foreign currency sovereign credit rating on the Federative Republic of Brazil to positive from stable. Standard&Poor's also affirmed its 'BB' long-term local, 'B+' long-term foreign, and 'B' short-term local and foreign currency sovereign credit ratings on the republic; the stable outlook on the long-term local currency rating was affirmed. According to Credit Analyst Lisa Schineller, the positive outlook on the long-term foreign currency rating reflects reduced external vulnerability underpinned by ongoing marked structural improvement in Brazil's trade balance. "Strong external performance and continued fiscal and monetary discipline should support a sustained pick-up in growth over the
