Standard & Poor's improves our risk rating

We report that the Standard & Poor’s risk rating agency has announced the upgrade of our corporate debt rating from B+ to BB-, and that it has changed the outlook from negative to stable.

The agency noted in its report that the improvement in our rating reflects the evolution made in our liquidity and a robust cash position that improves our capacity to deal with possible contingencies. The agency also highlighted the recovery of the relationship with domestic and international banks and of our ability to access the capital markets, which it regarded as positive debt management transactions. Also highlighted was the progress made in the disinvestment program and the prospects for achieving the goal set for 2017 and 2018.

Standard & Poor’s also put the limelight on our management’s focus on profitability, a more balanced capital structure, the commitment to deleveraging, as well as the consistency of the new pricing policy, which affords our cash generation greater visibility.

The agency also stressed the progress made in corporate governance and the measures taken to improve internal controls, our relationships with suppliers, and our decision-making processes.


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