Oi S.A. Corporate Credit Ratings Raised To 'CCC+' From 'D' On Judicial Reorganization; Outlook Positive

The Brazilian telecom operator Oi S.A. is in the process of implementing its approved judicial reorganization plan following its petition in June 2016, creditors' approval in December 2017, and the judge's sanction published last month. We're raising our corporate credit ratings on Oi to 'CCC+' from 'D' on the global scale and to 'brB' from 'D' on the national scale. All debt ratings remain at 'D', because the conclusion of the defaulted-debt exchanges is still subject to other jurisdictions' approvals of the reorganization plan, which can take several months. The positive outlook indicates that we could further raise the corporate credit ratings in the next 12 months if Oi implements the reorganization plan as approved, at the same time as

...+ The Brazilian telecom operator Oi S.A. is in the process of implementing its approved judicial reorganization plan following its petition in June 2016, creditors' approval in December 2017, and the judge's sanction published last month. + We're raising our corporate credit ratings on Oi to '###+' from 'D' on the global scale and to 'brB' from 'D' on the national scale. + All debt ratings remain at 'D', because the conclusion of the defaulted-debt exchanges is still subject to other jurisdictions' approvals of the reorganization plan, which can take several months. + The positive outlook indicates that we could further raise the corporate credit ratings in the next 12 months if Oi implements the reorganization plan as approved, at the same time as the risks of appeal or intervention to the existing plan are minimized. SAO PAULO (S&P Global Ratings) March 22, 2018--S&P Global Ratings raised our global scale corporate credit ratings on Oi S.A. and its subsidiary Telemar Norte Leste S.A....

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