On April 30, 2008, Standard&Poor's Ratings Services raised its long-term foreign currency sovereign credit rating on the Federative Republic of Brazil to investment-grade 'BBB-' from 'BB+', and its long-term local currency sovereign credit to 'BBB+' from 'BBB'. Standard&Poor's also raised its short-term foreign currency sovereign credit rating on Brazil to 'A-3' from 'B' and its short-term local currency sovereign credit rating to 'A-2' from 'A-3'. The outlook on the long-term ratings is stable. Standard&Poor's raised its transfer and convertibility assessment for Brazil to 'BBB+' from 'BBB'. The national scale credit rating on the republic was affirmed at 'brAAA'. Standard&Poor's withdrew its recovery rating of '3' on the republic; such ratings are only
