This report supplements our research update "State of Minas Gerais Global Scale 'BBB-' And National Scale 'brAAA' Ratings Affirmed, Outlook Remains Stable," published on April 10, 2015. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The ratings on Minas Gerais are supported by its "satisfactory" financial management, "moderate" contingent liabilities, "average" budgetary flexibility and a "weak," yet broadly diversified, economy. The ratings are also supported by the state's "strong" budgetary performance (despite weakening in 2014), and we expect performance will remain strong for the next two years. The ratings are constrained
