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

To: David Petty who wrote (11678)	1/14/1999 1:43:00 PM
From: Steve Fancy	Respond to of 22640

S&P lowers Brazil's senior unsecured rating to B+ - 1 São Paulo, 14 - Standard & Poor's (S&P) lowered its long-term senior unsecured rating on Brazil's $58.1bn of foreign currency debt to B+ from BB-, Dow Jones Newswires reported. The agency also said it downgraded its rating on the country's long-term real denominated debt to BB- from BB+ and affirmed its B rating on the republic's short-term real-denominated debt, totaling R$ 330bn, as well as reaffirmed the republic's short-term foreign currency B rating. S&P also cut Brazil's long-term foreign currency sovereign credit rating to B+ from BB- and its long-term local currency sovereign credit rating to BB- from BB+. The S&P's outlook remains negative. The agency explained that the downgrade and negative outlook reflects the "heightened risks to financial recovery posed by yesterday's shift in exchange rate policy in the context of unfinished fiscal reform agenda and extremely fragile market confidence," the agency said see related story. (more)