SAO PAULO (S&P Global Ratings) Dec. 16, 2016--S&P Global Ratings said today that it has reviewed its recovery and issue-level ratings on Tupy S.A. that were labeled as "under criteria observation" (UCO) after the Dec. 7, 2016, publication of a revised recovery ratings criteria. With our criteria review complete, we're removing the UCO designation from these ratings. We're also affirming the 'BB-' rating and are revising our recovery rating to '3' from '4' on the company's senior unsecured notes, issued by its subsidiary Tupy Overseas S.A., as a result of the revision of the multiple used in our analysis to determine enterprise value to 5x from 4.5x. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%, upper half
