OREANDA-NEWS. Fitch Ratings has affirmed and withdrawn the ratings of the OAS Group units, which includes OAS S.A., Construtora OAS S.A., OAS Investments GmbH, OAS Finance Ltd., and OAS Empreendimentos S.A. A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Fitch has affirmed and withdrawn the following ratings: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)'.