Moody's puts Oi under review

Moody's Investors Service and Moody's America Latina placed Oi SA and Telemar Norte Leste SA's Baa2 global ratings and Aaa.br national scale ratings, respectively, on review for possible downgrade.

Simultaneously, the Baa3 global ratings and Aa1.br national scale ratings of Telemar Participacoes SA were also placed on review for possible downgrade.

Moody's said the ratings review was triggered by the company's elevated leverage due to weaker-than-expected cash flow performance and Moody's expectation that an improvement in leverage will only be gradual.

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