Slow GDP growth and continued expansionary fiscal policy (including off-budget measures) risk weakening Brazil's financial profile and could, absent corrective measures, result in weaker fiscal performance and an increase in the government's debt burden. We are revising the outlook on our long-term ratings on Brazil to negative from stable. We are affirming our 'BBB/A-2' foreign currency and 'A-/A-2' local currency sovereign credit ratings on Brazil. We could lower the credit rating in the coming two years if continued sluggish economic growth, weaker fiscal and external fundamentals, and some loss in the credibility of economic policy given ambiguous policy signals diminish Brazil's ability to manage an external shock. On June 6, 2013, Standard&Poor's Ratings Services revised the outlook on
