Standard&Poor's has published its methodology to link short-term and long-term ratings for corporate and sovereign issuers. Based on the application of our criteria, we are raising our short-term foreign currency rating on Brazil to 'A-2' from 'A-3'. The upgrade does not reflect an improvement in our view of the country's short-term creditworthiness. We are affirming our 'BBB' long-term foreign currency issuer rating; the outlook remains stable, reflecting our expectation that the government will pursue cautious fiscal and monetary policies that, combined with the country's growing economic resilience, should moderate the impact of potential external shocks and sustain long-term growth prospects. On July 9, 2012, Standard&Poor's Ratings Services raised its short-term foreign currency sovereign credit rating on
