Tecnisa : Notice to the Market - S&P raises Tecnisa´s Corporate Rating*

Various Rating Actions Taken On Brazilian Corporate, Infrastructure Entities On Sovereign Action, Revised Mapping Table

Luisa Vilhena, Sao Paulo (55) 11-3039-9727; luisa.vilhena@spglobal.com Renata Lotfi, Sao Paulo (55) 11-3039-9724; renata.lotfi@spglobal.com

Marcus Fernandes, Sao Paulo (55) 11-3039-9734; marcus.fernandes@spglobal.com Marcelo Schwarz, CFA, Sao Paulo +55 11 3039 9782; marcelo.schwarz@spglobal.com

Julyana Yokota, Sao Paulo +55 11 3039 9731; julyana.yokota@spglobal.com

Luciano D Gremone, Buenos Aires (54) 114-891-2143; luciano.gremone@spglobal.com Diego H Ocampo, Buenos Aires (55) 11-3039-9769; diego.ocampo@spglobal.com

Table Of Contents

Overview Rating Action Rationale Related Criteria

Related Research Ratings List

Various Rating Actions Taken On Brazilian Corporate, Infrastructure Entities On Sovereign Action, Revised Mapping Table

Overview‌

• On Aug. 15, 2017, we affirmed the foreign and local currency ratings on Brazil at 'BB', removed them from CreditWatch with negative implications and assigned a negative outlook.

• We're taking the same action on global scale rating on Brazilian

  corporations and infrastructure entities.

• We're also raising the national scale ratings on entities in the same sectors following the revision of the Brazilian national scale mapping table.

• In addition, we're removing ratings on several entities from under

  criteria observation.‌

  Rating Action

  On Aug. 16, 2017, S&P Global Ratings said that it affirmed several global scale (GS) ratings on Brazilian corporations and their issuances following the affirmation of Brazil's sovereign ratings (see "Brazil Ratings Removed From CreditWatch And Affirmed At 'BB/B'; Outlook Is Negative On Ongoing Policy Challenges," Aug. 15, 2017), and removed them from CreditWatch negative where they had been placed on May 23, 2017. At the same time, we raised many national scale ratings (NS) according to our revised mapping table for Brazil, released on Aug. 14, 2017. We also removed all NS ratings on Brazilian corporate and infrastructure entities and issuances from under criteria observation (UCO), where we had placed them on August 14.

  We also placed our GS ratings on Brazilian protein producer BRF S.A. on CreditWatch with negative implications. We expect to resolve it within the next 30 days.

  Rationale‌

  Global Scale Ratings

  The affirmation of entities' global scale ratings, which are at the same level or above the sovereign, mirrors the same rating action we took on Brazil. This is based on our unchanged view on these companies' nature and rating interactions with those on Brazil, which means that the entities whose ratings were capped by Brazil's ratings, remain capped and those whose ratings were limited at a specific number of notches above the sovereign, remain limited at the same amount of notches. Please refer to the complete list of GS ratings at

  the end of this report. For the rationale on the cap at the sovereign level or the maximum rating differential to the sovereign, please refer to "Ratings On Several Brazilian Corporations Placed On CreditWatch Negative Following A Similar Action On The Sovereign," published May 23, 2017.

  Although our conclusions on the gap among these entities' ratings and the ratings on Brazil have remained the same for some time, the number of notches a company could be rated above the sovereign is an ongoing assessment and could change in the future if an entity's business resilience proves to be stronger or weaker than expected. It could also change depending on the level of the sovereign rating, in order to reflect our holistic view of a company's creditworthiness.

  At the same time, we placed our GS ratings on BRF on CreditWatch negative, reflecting its weaker-than-expected performance in the second quarter of this year, and the increased chances of one-notch downgrade. We will update our base-case assumptions and reach a rating decision within the next 30 days.

  National Scale Ratings

  Following our revised Brazilian NS mapping table, published on Aug. 14, 2017, we raised NS ratings on several entities and issuances by one or two notches. We also removed all corporate credit and issuance NS ratings from UCO. The mapping table applies to all entities and issuances rated on the Brazilian national scale. Such ratings carry the prefix 'br', as in 'brBBB'. As explained in our national scale framework, to determine a national scale credit rating, we use criteria that are identical to, or consistent with, our global rating scale criteria. We typically first determine our view of creditworthiness on the global scale and then use the applicable mapping table, which shows the relationship between global and national scales, to determine a national scale credit rating.

  The rating changes are purely a result of the revision to the mapping table, with the intention of creating the most appropriate distinction among ratings on the national scale, and don't represent a change in our view of the credit quality of the issue or issuer. Please see the two lists of entities that had rating changes below and a complete list of ratings in the Ratings List, at the end of this report.

  National scale ratings that we raised by one notch:

• AB Concessões S.A.;

• Cemig Geracao e Transmissao S.A;

• Cemig Distribuicao S.A.;

• Companhia Energetica de Minas Gerais - CEMIG;

• Chapada do Piauí I Holding S.A.;

• Companhia Brasileira de Distribuicao;

• Geradora Eólica Bons Ventos da Serra I S.A.;

• Hypermarcas S.A.;

• Iguatemi Empresa de Shopping Centers S.A. (IESC);

• Iochpe-Maxion S.A.;

• Iracema Transmissora de Energia S.A.;

• Itapoá Terminais Portuários S.A.;

• Jalles Machado S.A.;

• Jauru Transmissora de Energia S.A.;

• JSL S.A.;

• Localiza Rent a Car S.A.;

• Lojas Renner S.A.;

• Magazine Luiza S.A.;

• Magnesita Refratarios S.A.;

• Multiplan Empreendimentos Imobiliarios S.A.;

• Natura Cosmeticos S.A.;

• Odebrecht Engenharia e Construção S.A.;

• Petroleo Brasileiro S.A.;

• Qualicorp S.A.;

• Rodovias das Colinas S.A.;

• Sao Martinho S.A.;

• Suzano Papel e Celulose S.A.;

• S.A. Usina Coruripe Acucar e Alcool;

• TAM S.A.;

• Triangulo do Sol Auto-Estradas S.A.;

• Tupy S.A.;

• Ultrafértil S.A.;

• Ultrapar Participações S.A.;

• Unidas S/A;

• Usinas Siderurgicas de Minas Gerais S.A.; and

• Votorantim S.A.

  National scale ratings that we raised by two notches:

• Auto Adesivos Paraná S.A.;

• Brasoil Manati Exploracao Petrolifera S.A.;

• BR Properties S.A.;

• Companhia Siderurgica Nacional;

• Concessionaria da Rodovia MG-050 S.A.;

• Concessionaria Auto Raposo Tavares S.A;

• Copobras S.A. Industria e Comercio de Embalagens;

• Eldorado Brasil Celulose S.A.;

• Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.;

• Gafisa S.A.;

• Grupo Bandeirantes de Comunicacao;

• Intercement Brasil S.A.;

• Investimentos e Participacoes em Infraestrutura S.A. - Invepar;

• J&F Investimentos S.A.;

• JBS S.A.;

• Klabin S.A.;

• Light Serviços de Eletricidade S.A.;

• Marfrig Global Foods S.A.;

• Metrobarra S.A.;

• Norte Brasil Transmissora de Energia S.A.;

• Rumo S.A.;

• Santa Vitória do Palmar Holding S.A.; and

  • Tecnisa S.A.‌

    Related Criteria

  • General Criteria: S&P Global Ratings' National And Regional Scale Mapping Tables, Aug. 14, 2017

  • General Criteria: Methodology For Linking Long-Term And Short-Term Ratings

    , April 7, 2017

  • General Criteria: Rating Government-Related Entities: Methodology And Assumptions, March 25, 2015

  • Criteria - Corporates - General: Methodology And Assumptions: Liquidity

    Descriptors For Global Corporate Issuers, Dec. 16, 2014

  • General Criteria: National And Regional Scale Credit Ratings, Sept. 22, 2014

  • Criteria - Corporates - Project Finance: Project Finance Framework

    Methodology, Sept. 16, 2014

  • General Criteria: Methodology: Industry Risk, Nov. 19, 2013

  • General Criteria: Group Rating Methodology, Nov. 19, 2013

  • General Criteria: Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013

  • Criteria - Corporates - General: Corporate Methodology: Ratios And

    Adjustments, Nov. 19, 2013

  • Criteria - Corporates - General: Corporate Methodology, Nov. 19, 2013

  • General Criteria: Ratings Above The Sovereign--Corporate And Government Ratings: Methodology And Assumptions, Nov. 19, 2013

  • General Criteria: Methodology: Management And Governance Credit Factors

    For Corporate Entities And Insurers, Nov. 13, 2012

  • General Criteria: Use Of CreditWatch And Outlooks, Sept. 14, 2009

  • Criteria - Corporates - General: 2008 Corporate Criteria: Rating Each Issue, April 15, 2008‌

Related Research

Ratings List‌

Entities Affected by the Sovereign

To From

Ache Laboratorios Farmaceuticos S.A.

Algar Telecom S/A Corporate credit rating

AmBev - Companhia de Bebidas das Americas

Ampla Energia e Servicos S.A Corporate credit rating

Global Scale BB/Negative/-- BB/Watch Neg/-- National Scale brAA-/Negative/-- brAA-/Watch Neg/--

Senior Unsecured brAA- brAA-/Watch Neg

Autopista Fernao Dias S.A Autopista Planalto Sul S/A. Corporate credit rating

BFF International LTD

Senior Unsecured BBB/Watch Neg BBB

Senior Unsecured BBB- BBB-/Watch Neg

Braskem America Finance Company

Senior Unsecured BBB- BBB-/Watch Neg

Braskem Finance Ltd.

Senior Unsecured BBB- BBB-/Watch Neg

BRF S.A.

Corporate credit rating

Global Scale BBB/Watch Neg/-- BBB/Negative/--

BRF GmbH

Senior Unsecured BBB/Watch Neg BBB

Cachoeira Paulista Transmissora de Energia S.A.

Senior Secured brAA-/Negative brAA-/Watch Neg Camil Alimentos S.A.

CCR S.A.

Autoban - Concessionaria do Sistema Anhanguera Bandeirantes S.A. Corporate credit rating

National Scale brAA-/Negative/-- brAA-/Watch Neg/-- Senior Unsecured brAA- brAA-/Watch Neg

Companhia do Metro da Bahia Corporate credit rating

Concessionaria da Rodovia Presidente Dutra S.A. Corporate credit rating

National Scale brAA-/Negative/-- brAA-/Watch Neg/-- Senior Secured brAA- brAA-/Watch Neg

Rodonorte Concessionaria de Rodovias Integradas S.A. Corporate credit rating

National Scale brAA-/Negative/-- brAA-/Watch Neg/--

Companhia Brasileira de Distribuicao Corporate credit rating

National Scale brAAA/Stable/-- brAA+/Negative/--

Chapada do Piaui I Holding S.A.

Senior Secured brAA-/Negative brA+/Watch Neg

Companhia de Gas de Sao Paulo - Comgas Corporate credit rating

National Scale brAA-/Negative/-- brAA-/Watch Neg/-- Senior Unsecured brAA- brAA-/Watch Neg

Companhia Energetica do Ceara - Coelce Corporate credit rating

National Scale brAA-/Negative/brA-1+ brAA-/Watch Neg/brA-1 Senior Unsecured brAA- brAA-/Watch Neg

Cosan Ltd.

Corporate credit rating

Global Scale BB/Negative/-- BB/Watch Neg/--

Cosan S.A. Industria e Comercio Corporate credit rating

Global Scale BB/Negative/-- BB/Watch Neg/-- Cosan Lubrificantes e Especialidades S.A.

Corporate credit rating

Global Scale BB/Negative/-- BB/Watch Neg/--

Cosan Luxembourg S.A.

Senior Unsecured BB BB/Watch Neg

Cosan Overseas Limited

Senior Unsecured BB BB/Watch Neg

Rumo Luxembourg S.a.r.l.

Senior Unsecured BB- BB-/Watch Neg

CPFL Energia S.A. Corporate credit rating

National Scale brAA-/Negative/-- brAA-/Watch Neg/--

Companhia Paulista de Forca e Luz Companhia Piratininga de Forca e Luz Rio Grande Energia S.A.

Corporate credit rating

National Scale brAA-/Negative/-- brAA-/Watch Neg/-- Senior Unsecured brAA- brAA-/Watch Neg

Cyrela Brazil Realty S.A. Empreendimentos e Participacoes Corporate credit rating

Global Scale BB/Negative/-- BB/Watch Neg/--

Ecorodovias Concessoes e Servicos S.A. Concessionaria Ecovias dos Imigrantes S.A. Corporate credit rating

National Scale brAA-/Negative/-- brAA-/Watch Neg/-- Senior Unsecured brAA- brAA-/Watch Neg

EDP Sao Paulo Distribuicao de Energia S.A. Corporate credit rating

National Scale brAA-/Negative/-- brAA-/Watch Neg/-- EDP Espirito Santo Distribuicao de Energia S.A.

Elektro Redes S.A.

Eletrobras-Centrais Eletricas Brasileiras S.A. Corporate credit rating

Local Currency BB/Negative/-- BB/Watch Neg/-- Foreign Currency BB/Negative/-- BB/Watch Neg/-- National Scale --/--/brA-1+ --/--/brA-1

Senior Unsecured BB BB/Watch Neg

Embraer S.A.

Corporate credit rating

Global Scale BBB/Negative/-- BBB/Watch Neg/-- Senior Unsecured BBB BBB/Watch Neg

Embraer Netherlands Finance BV

Senior Unsecured BBB BBB/Watch Neg

Embraer Overseas Ltd.

Senior Unsecured BBB BBB/Watch Neg

Energisa S.A.

Energisa Paraiba-Distribuidora de Energia S.A. Energisa Sergipe-Distribuidora de Energia S.A. Corporate credit rating

Global Scale BB/Negative/-- BB/Watch Neg/-- National Scale brAA-/Negative brAA-/Watch Neg/--

Estacio Participacoes S.A. Corporate credit rating

National Scale brAA-/Negative/-- brAA-/Watch Neg/-- Senior Unsecured brAA- brAA-/Watch Neg

Fibria Celulose S.A. Corporate credit rating

Global Scale BBB-/Negative/-- BBB-/Negative/--

Fibria Overseas Finance Ltd.

Senior Unsecured BBB- BBB-

Gerdau S.A.

Corporate credit rating

Global Scale BBB-/Negative/-- BBB-/Watch Neg/-- National Scale brAAA/Stable/-- brAAA/Watch Neg/--

Gerdau Ameristeel Corp. Corporate credit rating

Gerdau Holdings Inc.

Senior Unsecured BBB- BBB-/Watch Neg

Gerdau Trade Inc.

Senior Unsecured BBB- BBB-/Watch Neg

Gerdau Ameristeel US Inc.

Senior Unsecured BBB- BBB-/Watch Neg

Globo Comunicacao e Participacoes S.A. Corporate credit rating

Global Scale BBB-/Negative/-- BBB-/Watch Neg/-- Senior Unsecured BBB- BBB-/Watch Neg

Hypermarcas S.A. Corporate credit rating

Iguatemi Empresa de Shopping Centers S.A. Corporate credit rating

National Scale brAAA/Negative/-- brAA+/Watch Neg/-- Senior Unsecured brAAA brAA+/Watch Neg

Iracema Transmissora de Energia S.A.

Senior Secured brAA-/Negative brA+/Watch Neg

Itaipu Binacional Corporate credit rating

National Scale brAA-/Negative/-- brAA-/Watch Neg/--

JSL Europe

Senior Unsecured BB BB/Watch Neg

JSL Locacoes S.A.

Senior Unsecured brAA- brA+/Watch Neg

Klabin S.A.

Corporate credit rating

Magnesita Refratarios S.A. Corporate credit rating

Global Scale BB/Stable/-- BB/Stable/-- National Scale brAA/Stable/-- brAA-/Stable/--

Magnesita Finance Ltd.

Senior Unsecured BB BB

Magnesita Refractories Co.

Senior Unsecured BB BB MRS Logistica S.A.

MRV Engenharia e Participacoes S.A. Corporate credit rating

National Scale brAA-/Negative/-- brAA-/Watch Neg/--

Multiplan Empreendimentos Imobiliarios S.A. Corporate credit rating

Global Scale BB+/Negative/-- BB+/Watch Neg/-- National Scale brAAA/Negative/-- brAA+/Watch Neg/--

Senior Unsecured brAAA brAA+/Watch Neg Natura Cosmeticos S.A.

Companhia de Eletricidade do Estado da Bahia Companhia Energetica de Pernambuco (CELPE) Companhia Energetica do Rio Grande do Norte Corporate credit rating

NC Energia S.A. Termopernambuco S.A.

Senior Unsecured brA+ brA+/Watch Neg

Qualicorp S.A. Corporate credit rating

National Scale brAAA/Stable/-- brAA+/Stable/-- Raizen Combustiveis S.A.

Raizen Energia S.A.

Raízen Fuels Finance S.A.

Senior Unsecured BBB- BBB-/Watch Neg

Rio Paranapanema Energia S.A Corporate credit rating

Global Scale BB/Negative/-- BB/Watch Neg/-- National Scale brAA-/Negative/-- brAA-/Watch Neg/--

Senior Unsecured brAA- brAA-/Watch Neg

Santos Brasil Participacoes S.A. Corporate credit rating

National Scale brAA-/Negative/-- brAA-/Watch Neg/--

Sao Martinho S.A. Corporate credit rating

Global Scale BB+/Stable/-- BB+/Stable/-- National Scale brAAA/Stable/-- brAA+/Stable/--

Suzano Papel e Celulose S.A. Corporate credit rating

Global Scale BB+/Positive/-- BB+/Positive/-- National Scale brAAA/Stable/-- brAA+/Positive/--

Suzano Trading Ltd.

Senior Unsecured BB+ BB+

Suzano Austria GmbH

Senior Unsecured BB+ BB+ Telefonica Brasil S.A.

Terminal de Conteineres de Paranagua S.A Corporate credit rating

National Scale brAA-/Negative/brA-1+ brAA-/Watch Neg/brA-1 Senior Unsecured brAA- brAA-/Watch Neg

Transmissora Alianca de Energia Eletrica S.A. Corporate credit rating

Global Scale BB/Negative/-- BB/Watch Neg/-- National Scale brAA-/Negative/brA-1+ brAA-/Watch Neg/brA-1

Senior Unsecured brAA- brAA-/Watch Neg

Ultrapar Participacoes S.A. Corporate credit rating

Global Scale BB+/Negative/-- BB+/Watch Neg/-- National Scale brAAA/Negative/-- brAA+/Watch Neg/--

Ultrapar International S/A

Senior Unsecured BB+ BB+/Watch Neg

Vale Overseas Ltd.

Senior Unsecured BBB- BBB-

PT Vale Indonesia Tbk

Senior Unsecured BBB- BBB-

Companhia Brasileira de Aluminio

Senior Unsecured BB+ BB+/Watch Neg Votorantim Cimentos S.A.

St. Marys Cement Inc. (Canada)

Senior Unsecured BB+ BB+/Watch Neg

National Scale Only

AB Concessoes S.A. Corporate credit rating

National Scale brA+/Stable/-- brA/Stable/--

Auto Adesivos Parana S.A. Corporate credit rating

National Scale brB/Positive/-- brCCC+/Positive/-- Senior Secured brB brCCC+

BR Properties S.A. Corporate credit rating

National Scale brA+/Negative/-- brA-/Negative/-- Senior Secured brAA- brA

Brasoil Manati Exploracao Petrolifera S.A. Corporate credit rating

National Scale brA+/Stable/-- brA-/Stable/-- Senior Secured brA+ brA-

Companhia de Locacao das Americas S.A. Corporate credit rating

National Scale brA+/Stable/-- brA+/Stable/-- Senior Unsecured brA+ brA+

Auto Ricci S.A.

Senior Unsecured brA+ brA+

Companhia Energetica de Minas Gerais - CEMIG Corporate credit rating

National Scale brBBB-/Stable/-- brBB+/Stable/--

Cemig Distribuicao S.A. Corporate credit rating

National Scale brBBB-/Stable/-- brBB+/Stable/--

Cemig Geracao e Transmissao S.A. Corporate credit rating

National Scale brBBB-/Stable/-- brBB+/Stable/--

Companhia Siderurgica Nacional Corporate credit rating

National Scale brB/Stable/-- brCCC+/Stable/--

Concessionaria da Rodovia MG-050 S.A. Corporate credit rating

National Scale brBBB+/Stable/-- brBBB-/Stable/-- Senior Secured

Global Scale brA+ brA

National Scale brA+ brA

Copobras S.A. - Industria e Comercio de Embalagens Corporate credit rating

National Scale brBBB+/Negative/-- brBBB-/Negative/--

Eldorado Brasil Celulose S.A. Corporate credit rating

Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. Corporate credit rating

National Scale brA+/Stable/-- brA-/Stable/-- Senior Unsecured brA+ brA-

Gafisa S.A.

Corporate credit rating

National Scale brB+/Negative/-- brB-/Negative/--

Geradora Eolica Bons Ventos da Serra I S.A.

Senior Secured brBBB/Stable brBBB-/Stable

Gol Linhas Aereas Inteligentes S.A. Corporate credit rating

National Scale brCCC/Negative/-- brCCC/Negative/-- Grupo Bandeirantes de Comunicação

InterCement Brasil S.A. Corporate credit rating

National Scale brA+/Negative/-- brA-/Negative/--

Investimentos e Participacoes em Infraestrutura S.A. - Invepar Corporate credit rating

National Scale brA+/Stable/-- brA-/Stable/-- Senior Unsecured brA+ brA-

Concessionaria Auto Raposo Tavares S.A. Corporate credit rating

National Scale brA+/Stable/-- brA-/Stable/-- Senior Secured brA+ brA-

Iochpe-Maxion S.A.

Itapoa Terminais Portuarios S.A. Corporate credit rating

National Scale brBBB/Stable/-- brBBB-/Stable/-- Senior Secured brBBB brBBB-

J&F Investimentos S.A. Corporate credit rating

Jalles Machado S.A. Corporate credit rating

National Scale brA+/Positive/-- brA/Positive/--

Jauru Transmissora de Energia S.A.

Senior Secured brBB+/Negative brBB/Negative

JBS S.A.

Corporate credit rating

National Scale brBBB+/Negative/-- brBBB-/Negative/--

Light Servicos de Eletricidade S.A. Corporate credit rating

National Scale brA/Positive/brA-1 brBBB+/Positive/brA-3

Lupatech S.A.

Corporate credit rating

National Scale brCCC-/Stable/-- brCCC-/Stable/--

Marfrig Global Foods S.A. Corporate credit rating

National Scale brA/Positive/-- brBBB+/Positive/--

Metrobarra S.A.

Senior Secured brA+/Stable brA-/Stable

Minerva S.A.

Corporate credit rating

National Scale brA+/Stable/-- brA+/Stable/--

Norte Brasil Transmissora de Energia S.A.

Senior Secured brB+/Negative brB-/Negative

Odebrecht Engenharia e Construcao S.A. Corporate credit rating

National Scale brB-/Negative/brB brCCC+/Negative/brC

Petroleo Brasileiro S.A. - Petrobras

National Scale brA+/Stable/-- brA/Stable/-- Rodovias das Colinas S.A.

S.A. Usina Coruripe Acucar e Alcool

Corporate credit rating

National Scale brA+/Stable/brA-1 brA/Stable/brA-2

Santa Vitoria do Palmar Holding S.A

Senior Secured brBB+/Watch Dev brBB-/Watch Dev

Santher-Fabrica de Papel Santa Therezinha S.A. Corporate credit rating

National Scale brCCC/Watch Neg/-- brCCC/Watch Neg/--

TAM S.A.

Corporate credit rating

National Scale brA+/Stable/-- brA/Stable/--

Triangulo do Sol Auto-Estradas S.A. Corporate credit rating

National Scale brA+/Stable/-- brA/Stable/-- Senior Secured brAA- brA+

Senior Unsecured brA+ brA

Tupy S.A.

Corporate credit rating

National Scale brA+/Stable/-- brA/Stable/--

Usinas Siderurgicas de Minas Gerais S.A. (Usiminas)

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com and at www.spcapitaliq.com. All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located

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