New York, March 15, 2016 -- Moody's Investors Service has today affirmed Hypermarcas S.A.'s Ba2 global scale and A1.br national scale corporate family ratings, as well as the Ba2 ratings of its senior unsecured notes due 2021. The outlook for the ratings was revised to negative from stable. The change in outlook follows Moody's downgrade on February 24, 2016 of Brazil's government bond rating to Ba2 from Baa3 with a negative outlook.

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