News Column

Fitch Withdraws Sul America S.A.'s Expected Second Debenture Issuance Rating

May 14, 2014



RIO DE JANEIRO & NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has withdrawn the 'AA(bra)(exp)' expected long-term National Rating assigned on March 6, 2014 to a planned issue of simple, unsecured and non-convertible debentures by Sul America S.A. (SASA), following the cancellation of the issuance.

Fitch currently rates SASA as follows:

--Foreign and local currency long-term Issuer Default Ratings (IDRs) 'BBB-'; Outlook Stable;

--Foreign and local currency short-term IDRs 'F3';

--National long-term rating 'AA+(bra)'; Outlook Stable;

--National short-term rating 'F1+(bra)';

--National long-term rating of BRL500 million debentures due February 2017 'AA(bra)'.

Additional information available at 'www.fitchratings.com' or 'www.fitchratings.com.br'.

Applicable Criteria and Related Research:

--'Insurance Rating Methodology' (Nov. 13, 2013);

--'National Scale Ratings Criteria' (Oct. 30, 2013).

Applicable Criteria and Related Research:

Insurance Rating Methodology

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=723072

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=830156

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.



Fitch Ratings

Primary Analyst

Esin Celasun

Director

+55-21-4503-2626

Fitch Ratings Brasil Ltda.

Praca XV de Novembro, 20 - 401 B

Rio de Janeiro, RJ, Brazil

or

Secondary Analyst

Rodrigo Salas

Senior Director

+562 2 499 3300

or

Committee Chairperson

Franklin Santarelli

Managing Director

+1-212-908-0739

or

Media Relations

Elizabeth Fogerty, +1-212-908-0526

elizabeth.fogerty@fitchratings.com


Source: Fitch Ratings


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