On Dec. 19, 2023, we raised our long-term global scale sovereign credit ratings on Brazil to 'BB', with a stable outlook, from 'BB-' and affirmed our national scale rating at 'brAAA'. As a result, we raised our global scale ratings on the city of Niteroi to 'BB' from 'BB-' and affirmed our 'brAAA' national scale rating. Niteroi's stand-alone credit profile (SACP) is 'bb+'. The stable outlook on Niteroi is based on our expectation that the city will continue posting strong fiscal results while holding sizable liquidity and debt buffers thanks to its prudent fiscal policies. On Dec. 20, 2023, S&P Global Ratings raised its long-term global scale ratings on the city of Niteroi to 'BB' from 'BB-'. At the same
