Credit Rating Report

Morningstar DBRS Confirms Brazil at BB, Stable Trend

Sovereigns

Summary

DBRS, Inc. (Morningstar DBRS) confirmed the Federative Republic of Brazil's Long-Term Foreign and Local Currency - Issuer Ratings at BB. At the same time, Morningstar DBRS confirmed the Federative Republic of Brazil's Short-term Foreign and Local Currency - Issuer Ratings at R-4. The trend on all ratings is Stable.

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