S&P revises OAS view to negative

Standard & Poor's said it revised its outlook on OAS SA to negative from stable.

OAS’ BB- global scale and brA- national scale ratings were affirmed.

S&P said the outlook revision is based on OAS' slower-than-expected debt reduction due to losses in the group's homebuilding division and some delays in Brazilian public-sector projects backlog.

Although the agency still expects the group to significantly reduce its debt in 2015 and afterwards, it acknowledges that it will be more challenging. The rating also incorporates OAS' commitment to reach net debt to EBITDA of 4.0x by 2015.

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