NY -- Standard&Poor's CreditWire 4/3/98 -- Standard&Poor's today affirmed its double-'B'-minus rating on the Federative Republic of Brazil's US$50 billion of long-term foreign currency debt and its single-'B' rating on the Republic's short-term foreign currency debt. Additionally, Standard&Poor's affirmed its double-'B'-plus/single-'B' ratings on the Republic's R295 billion of long- and short-term real denominated debt. The outlook is stable. At the same time, Standard&Poor's affirmed its double-'B'-minus rating on Banco Nacional de Desenvolvimento Economico e Social's (BNDES) $1.95 billion of long-term foreign currency debt and the bank's double-'B'-plus local currency issuer credit rating. The ratings remain constrained by: -- Profound structural flaws in public finances, the most pressing item on the unfinished reform
