The equivalence of a risk rating in Brazil National Scale (br) within the Global Scale is limited to the foreign currency rating assigned to the Federative Republic of Brazil, which serves as a ceiling for local issuers and issues. In other words, the sovereign rating of the Federative Republic of Brazil, on the Brazilian National Scale, is given in AAA(br), indicative of better credit quality relative to other issuers and local issues. Given that the sovereign rating may vary over time, the equivalence of a National Scale Brazil rating on the Global Scale may change, with the exception of CCC, CC, C and D ratings, which are indicative of levels of imminent default or default risk and are identical in both scales. Considering the ceiling established by the BB- rating (foreign currency) of the Federative Republic of Brazil, currently maintained by international agencies that rate sovereign debt, the equivalences between the ratings on the Global and National scales are shown in the table available at this link.