Brazil-based telecommunications company Oi has been generating lower revenues and cash flow generation than we previously expected, leading to weaker credit metrics. We are revising the outlook on Oi to negative from stable. And we are affirming our 'BB+' global scale and 'brAA+' national scale ratings. The negative outlook reflects a downgrade potential in the next 12 months if the company's profitability and credit metrics don't improve as expected. On April 2, 2015, Standard&Poor's Ratings Services revised its outlook on Oi S.A. to negative from stable. At the same time, we affirmed all the ratings on the company, including the 'BB+' global scale and 'brAA+' national scale corporate credit ratings. The negative outlook reflects our view that the
