This report supplements our research update, "Brazil Long-Term Foreign Currency Rating Lowered To ?BBB-?, Local Currency To ?BBB+?; Outlook Is Stable," published on March 24, 2014. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The credit ratings on Brazil reflect its well-established political institutions, broad commitment to policies that maintain economic stability, and its large and diversified economy vis-à-vis peers in the low-investment-grade category. Following deterioration in the current account deficit and some moderation in foreign direct investment (FDI) inflows, net external debt levels are rising but remain manageable. Brazil's general
