70cb033e-5fc6-41df-9e12-d7bb713858e9.pdf



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


NOTICE TO THE MARKET S&P rating


Oi S.A. (BOVESPA: OIBR3, OIBR4; NYSE: OIBR.C, OIBR) (the "Company")

discloses to its shareholders and the market in general that Standard & Poor's announced today its review of the credit rating attributed to the Company, downgrading the long-term global scale credit rating from BB+ to BB- and the long-term domestic scale credit rating from brAA+ to brA-. The outlook is negative.


Rio de Janeiro, February 15, 2016 Flavio Nicolay Guimarães

Chief Financial Officer and Investor Relations Officer

Oi S.A.

Pharol SGPS SA issued this content on 16 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 18 February 2016 16:35:08 UTC

Original Document: http://conteudos.pharol.pt/Documents/EN/Announcements/2016/02_February/Com16Fev16_Oi_en.pdf