NY -- Standard&Poor's CreditWire 1/14/1999 -- Standard&Poor's today revised its foreign and local currency ratings and outlooks on 21 Brazilian entities, lowering the ratings on 17 companies and placing ratings of 10 of the entities on CreditWatch with negative implications (see list). The foreign and local currency outlook on Americel S.A. also was revised to negative from stable. The downgrade on the foreign currency ratings (to single-`B'-plus from double-`B'-minus) reflects the lowering of the foreign currency rating of the Republic of Brazil to single-`B'-plus from double-`B'-minus (see Jan. 14, 1999 press release on Brazil). In addition, Standard&Poor's revised its rating on three structured finance transactions, placing the ratings of two transactions on CreditWatch with
