Oi continues under judicial reorganization and in default for all its debt obligations. We are affirming all debt and corporate ratings at 'D'. We are also withdrawing the company's recovery ratings, which we plan to reinstate once the company's debt is restructured with an updated capital structure. On Feb. 22, 2017, S&P Global Ratings affirmed its 'D' corporate credit and issue-level global and national scale ratings on Oi S.A. At the same time, we withdrew the recovery ratings on the company's rated debt, until we have an updated capital structure once Oi emerges from judicial reorganization. The 'D' ratings continue to reflect the company's judicial reorganization, given that all of its bank and capital market debt is in default. Oi
