On April 6, 2009, 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 our 'brAAA' national scale rating on Brazil. Standard&Poor's low investment-grade ratings on Brazil remain supported by the government's commitment to prudent macroeconomic policies during times when the international credit crunch and global economic slowdown have significantly affected the local economy. The reaffirmation of this commitment remains critical for Brazil to protect the recent improvement
