Solid growth prospects based on both domestic and external factors as well as gradually improving fiscal and external positions could strengthen Brazil's credit profile. The government has reaffirmed its commitment to support recent macroeconomic gains by continuing to adjust fiscal, monetary, and credit policies. As a result, we are revising our outlook on the long-term foreign currency sovereign credit rating on Brazil to positive from stable. We are affirming our 'BBB-/A-3' foreign currency and 'BBB+/A-2' local currency ratings on Brazil. On May 23, 2011, Standard&Poor's Ratings Services revised the outlook on its long-term foreign currency sovereign credit rating on the Federative Republic of Brazil to positive from stable. (Listen to the related podcast titled, " Brazil's 'BBB-' Foreign
