SAO PAULO (Standard&Poor's) Oct. 8, 2014--Standard&Poor's Ratings Services said today that its rating and outlook on Oi S.A. (BB+/Stable/--) are not affected by the resignation of the company's chief executive officer. We currently do not expect any relevant change in company's strategy after its board of directors appoints a new CEO. Under Standard&Poor's policies, only a Rating Committee can determine a Credit Rating Action (including a Credit Rating change, affirmation or withdrawal, Rating Outlook change, or CreditWatch action). This bulletin and its subject matter have not been the subject of Rating Committee action and should not be interpreted as a change to, or affirmation of, a Credit Rating or Rating Outlook.
