On Dec. 13, 2006, Standard&Poor's Ratings Services assigned its ´BB´ rating to the Federative Republic of Brazil´s global Brazilian real-denominated (BRL) bond maturing in 2022. The bond, which was recently reopened, settled Dec. 11, 2006. The total amount outstanding of the global BRL 2022 is now Brazilian real (R$) $3 billion. While denominated in Brazilian reals, the bond is payable in U.S. dollars; hence, Standard&Poor´s assigns a foreign currency rating to the bond. The global BRL 2022, initially issued in September 2006, compliments the global BRL 2016 of R$3.4 billion issued in September 2005, which was the first external bond issued by Brazil in local currency. On Nov. 22, 2006, Standard&Poor's Ratings Services revised
