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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (7428)	9/3/1998 2:46:00 PM
From: posjim	Respond to of 22640

thanks Steve, My daytrade today paid me a little reward for the pain and suffering of being long.. :) thanks again for all the posts. Jim

To: Steve Fancy who wrote (7428)	9/3/1998 2:55:00 PM
From: Steve Fancy	Read Replies (2) \| Respond to of 22640

Hard to believe, but my broker's technical man is suggesting that if she breaks 66-68 we could be looking at mid-50's. sf

To: Steve Fancy who wrote (7428)	9/3/1998 3:06:00 PM
From: Steve Fancy	Respond to of 22640

Moody's cuts Brazil foreign currency debt ratings Reuters, Thursday, September 03, 1998 at 14:51 (Press release provided by Moody's Investors Service) NEW YORK, Sept 3 - Moody's Investors Service today downgraded the country ceiling for foreign currency bonds and notes of Brazil to B2 and the country ceiling for foreign currency bank deposits to Caa1. Consequently, all B1-rated bonds of the Republic of Brazil and of other issuers domiciled in Brazil have been downgraded to B2. Local-currency denominated bonds of the Republic of Brazil and of the Central Bank of Brazil have been downgraded to Caa1. A list of the affected public-sector and corporate bonds is appended below. A separate press release concerning ratings of Brazilian banks is being issued simultaneously. Moody's noted that increased international volatility of global capital markets has heightened Brazil's vulnerability to sudden changes in investors' confidence. Until recently massive foreign capital inflows have helped to sustain a mix of tight monetary policy, loose fiscal policy, a strong Real and a slow pace of structural reform implementation. As foreign-currency funding becomes scarcer and more expensive, the continuance of high twin deficits is likely to strain the sustainability of such a mix. The slow pace of fiscal adjustment has contributed to the build up of a large and rapidly growing domestic debt which is likely to complicate the debt servicing position of the federal government and to place increasing pressure on an already-difficult fiscal position. Although Brazil has made significant progress on a number of fronts, including price stability, a new round of constitutional amendments is needed to further fiscal consolidation and reduce overreliance on domestic debt. Moody's said that Brazil's large domestic and external financial requirements in the context of a reduction in the overall availability of financial resources for emerging markets are adversely affecting the creditworthiness of the country, in spite of a high level of accumulated international reserves. Outstanding B1-rated bonds of the following issuers are downgraded to B2: Aracruz Celulose S.A. Brazil, Federative Republic of Ceval Alimentos S.A. Ceval Overseas Ltd. CSN Iron S.A. Espirito Santo Centrais Elec. Globo Comunicacoes Participacoes Multicanal Participacoes S.A. Petroleo Brasileiro S.A. Rio de Janeiro, City of Rossi Residencial S.A. Telecomunicacoes Brasileiras Issuer-level B1 ratings of the following entities are downgraded to B2: Bahia, State of Ceara, State of New York. Copyright 1998, Reuters News Service