New York, August 12, 2015 -- Moody's Investors Service affirmed Cielo S.A.'s foreign currency senior unsecured debt rating at Baa2, with a stable outlook. The rating action follows Moody's downgrade on August 11, 2015 of Brazil's government bond rating to Baa3 from Baa2. In addition to downgrading Brazil's government bond rating, Moody's downgraded its senior unsecured debt rating to Baa3 from Baa2, and the senior unsecured shelf rating to (P)Baa3 from (P)Baa2. The rating agency also changed Brazil's foreign currency country ceilings as part of this rating action. The foreign currency bond ceiling went to Baa2 from Baa1, while the foreign currency deposit ceiling went to Baa3 from Baa2. The agency changed Brazil's ratings outlook to stable from negative.

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