OIBR.C Oi SA

RIO DE JANEIRO, Oct. 7, 2015 /PRNewswire/ -- Oi S.A. (BOVESPA: OIBR3, OIBR4; NYSE: OIBR.C, OIBR) (the "Company" or "Oi") discloses to its shareholders and the market in general that Moody's announced yesterday its revision of the credit rating attributed to the Company, downgrading the long-term global scale credit rating to Ba3 from Ba1 and certain obligations of the Company to B1 from Ba2. The outlook is negative.

Flavio Nicolay Guimarães
Chief Financial Officer and Investor Relations Officer

Oi S.A.
Corporate Taxpayers' Registry (CNPJ/MF) No. 76.535.764/0001-43
Board of Trade (NIRE) No. 33.300.29520-8
Publicly-Held Company

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SOURCE Oi S.A.