SAO PAULO (Standard&Poor's) Aug. 14, 2013--Standard&Poor's Ratings Services said today that its ratings on Oi S.A. (BBB-/Stable/--) are not immediately affected by the company's weaker second quarter results and the announcement that it will reduce dividend payments for the next three years. The company posted weaker EBITDA generation in the second quarter of 2013 compared to previous quarters, in part due to some non-recurring expenses such as marketing expenses related to the international sporting event, the Confederations Cup, and the full impact of bonus payments this quarter, which is usually provisioned every month. Nevertheless, bad debt provisions and higher personnel expenses also weakened the company's EBITDA. Although the results are below our expectations, we believe the
