SAO PAULO (Standard&Poor's) Nov. 4, 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 announcement that it has received an unsolicited bid from Altice S.A. (B+/Stable/--) to acquire the Portuguese assets of Portugal Telecom SGPS S.A. (PT) in a deal worth about €7 billion. PT recently merged with Oi. The sale would bolster Oi's cash position and net debt leverage metrics. However, Oi has also announced its intention to purchase part of Brazil-based TIM Participações S.A (not rated), a subsidiary of Italy-based Telecom Italia SpA (BB+/Negative/--). Therefore, Oi could use part of the cash inflow from the PT Portugal's
