SAO PAULO (Standard&Poor's) Dec. 10, 2014--Standard&Poor's Ratings Services said today that its ratings and outlook on Oi S.A. (global scale: BB+/Stable/--; national scale: brAA+/Stable/--) are not immediately affected by the company's recent announcement that its board of directors approved the sale of its shares of PT Portugal SGPS S.A. for an enterprise value of €7.4 billion, which still depends on some approvals. We understand that this divestment wouldn't significantly affect Oi's credit metrics in terms of deleveraging due to PT Portugal's debt amount that will adjust the final cash inflow to Oi. We will continue monitoring Oi's operating performance, which has been somewhat weaker than we previously expected, and its potential acquisition of TIM Participações S.A
