SAO PAULO (Standard&Poor's) Nov. 14, 2014--Standard&Poor's Ratings Services said today that Oi's weaker-than-expected third quarter results have no immediate impact on the ratings and outlook on the issuer. The company's weaker EBITDA and cash flow generation as of Sept. 30, 2014, due to low gross additions of subscribers and revenue growth in Brazilian operations has undermined our expectation that Oi would show a more rapid deleveraging trend. However, we expect some improvement in EBITDA and operating cash flow generation in fourth quarter 2014, compared with third quarter metrics due to the seasonality of the business. Moreover, the cash inflow related to tower sales in December 2014 should improve the company's net credit metrics. While this improvement
