Fitch Affirms and Withdraws Ratings of the OAS Group

SAO PAULO--(BUSINESS WIRE)-- Fitch Ratings has affirmed and withdrawn the ratings of the OAS Group units, which includes OAS S.A., Construtora OAS S.A., OAS Investments GmbH, OAS Finance Ltd., and OAS Empreendimentos S.A. A complete list of the rating actions follows at the end of this press release.

KEY RATING DRIVERS

Fitch is withdrawing the ratings as the OAS Group has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide analytical coverage for the OAS Group.

Fitch has affirmed and withdrawn the following ratings:

OAS S.A.:

--Foreign currency (FC) Issuer Default Rating (IDR) at 'D';

--Local currency (LC) IDR at 'D';

--National scale rating at 'D(bra)';

--BRL300 million debentures 3rd issuance due 2016 at 'D(bra)';

--BRL250 million debentures 4th issuance due 2027 at 'D(bra)';

--BRL300 million debentures 5th issuance due 2015 at 'D(bra)'.

Construtora OAS S.A.:

--FC IDR at 'D';

--LC IDR at 'D';

--National scale rating at 'D(bra)'.

OAS Investments GmbH:

--USD850 million senior unsecured notes due 2019 at 'C/RR4'.

OAS Finance Ltd.

--USD500 million perpetual bonds at 'C/RR4';

--USD400 million senior unsecured notes due 2021 at 'C/RR4'.

OAS Empreendimentos S.A.:

--National scale rating at 'D(bra)'.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Corporate Rating Methodology' (May 28, 2014);

--'National Scale Ratings Criteria' (Oct. 30, 2013).

Applicable Criteria and Related Research:

Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749393

National Scale Ratings Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=720082

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=984096

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Fitch Ratings
Primary Analyst (OAS S.A., Construtora OAS S.A., OAS Finance Ltd., and OAS Investments GmbH)
Alexandre Garcia, +55-11-4504-2616
Associate Director
Fitch Ratings Brasil Ltda.
Alameda Santos, 700 - 7o. andar - Sao Paulo - SP - CEP: 0141-1008-100
or
Secondary Analyst (OAS S.A., Construtora OAS S.A., OAS Finance Ltd., and OAS Investments GmbH)
Gustavo Mueller, +55-21-4503-2632
Associate Director
or
Primary Analyst (OAS Empreendimentos S.A.)
Jose Romero, +55-11-4504-2603
Director
or
Secondary Analyst (OAS Empreendimentos S.A.)
Fernanda Rezende, +55-21-4503-2619
Director
or
Committee Chairperson
Ricardo Carvalho, +55-21-4503-2627
Senior Director
or
Media Relations
Elizabeth Fogerty, New York, +1-212-908-0526
[email protected]

Source: Fitch Ratings

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