New York, January 05, 2015 -- Moody's Investors Service (Moody's) has today downgraded to C from B2 the corporate family rating ("CFR") assigned to OAS S.A. ("OAS") and to its guaranteed debt issuances at OAS Investments Gmbh ("OIG") and OAS Finance Limited ("OFL"), thus concluding the review process initiated on December 19, 2014. The ratings outlook is stable.

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