Brazil's creditworthiness remains well anchored on a strong political institutional framework and a commitment to prudent macroeconomic policies. Brazil's fiscal rigidities will continue to require a strong commitment for fiscal responsibility. Boosting the country's infrastructure while continuing to consolidate Brazil's macroeconomic framework will constitute the main challenge for President Dilma Rousseff's administration (taking office in January). On Dec. 14, 2010, Standard&Poor's Ratings Services affirmed its 'BBB-/A-3' long- and short-term foreign currency sovereign credit ratings on the Federative Republic of Brazil. At the same time, Standard&Poor's affirmed its 'BBB+/A-2' long- and short-term local currency ratings on Brazil. The outlook on both of the long-term ratings remains stable. We also affirmed our 'BBB+' transfer and convertibility assessment and
