Moody’s: OI unaffected

Moody's Investors Service said that Oi SA's ratings are unaffected by corporate structure reorganization.

The reorganization, as announced, includes the incorporation of holding company Telemar Participacoes SA (unrated) into Oi. In the new structure, Telemar’s shareholders will own Oi's shares directly eliminating the existing shareholders' agreement.

Moody's said it views the approved initiatives as credit positive because it will strengthen Oi's corporate governance to the Novo Mercado standards and will simplify the company's corporate structure, although with no immediate impact on the company's Ba1 corporate family rating and Ba1/Ba2 senior unsecured ratings or negative outlook.

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