In 2017, the state of Minas Gerais continued to post fiscal deficits amid weakening liquidity. We expect its fiscal trajectory for the next three years to involve continued deficits, very low capex levels, and a declining debt burden. We are affirming our 'B-' global scale and 'brB+' national scale ratings on the state of Minas Gerais. The outlook remains stable. On April 9, 2018, S&P Global Ratings affirmed its 'B-' foreign and local currency issuer credit ratings on the state of Minas Gerais. We also affirmed our 'brB+' national scale rating on the state. The outlook on both scale ratings remains stable. The stable outlook on the state of Minas Gerais reflects our expectation that, in the next 12 months,
