NEW YORK (Standard&Poor's) Nov. 8, 2005--Standard&Poor's Ratings Services said today that it revised its outlooks on its long-term local and foreign currency sovereign credit ratings on the Federative Republic of Brazil to positive from stable. The positive outlooks reflect the trend improvement in external indicators and prospects for continued consolidation of fiscal debt dynamics, including the composition of locally issued debt. Standard&Poor's also affirmed its 'BB-' long-term foreign, 'BB' long-term local, and 'B' short-term foreign and local currency sovereign credit ratings on the republic. "The continued reduction in public and private sector external debt and impressive export performance reinforce the trend decline in Brazil's external debt burden," said Standard&Poor's credit analyst Lisa
