On April 30, 2008, Standard & Poor's Ratings Services raised its long-term foreign currency sovereign credit rating on the Federative Republic of Brazil to 'BBB-' from 'BB+', and its long-term local currency sovereign credit to 'BBB+' from 'BBB'.Brazil is the 14th sovereign whose foreign currency debt has been raised to investment grade. The upgrades reflect the maturation of Brazil's institutions and policy framework, as evidenced by the easing of fiscal and external debt burdens and improved trend growth prospects. Please see below all of the rating actions that followed:
