OREANDA-NEWS. May 20, 2016. Fitch Ratings has recalibrated its Brazilian National Ratings scale following successive downgrades of the sovereign over the last six months. The recalibration has resulted in several national scale rating revisions for issuers in various sectors including financial institutions, corporates, insurance and public finance. Revision ratings are used to modify ratings for reasons that are not related to credit quality in order to reflect changes in the national rating scale.

National scale ratings are a risk ranking of issuers in a particular market designed to help local investors differentiate risk. Brazil's national scale ratings are denoted by the unique identifier '(bra)'. Fitch adds this identifier to reflect the unique nature of the Brazilian national scale. National scales are not comparable to Fitch's international ratings scales or to other countries' national rating scales.

Despite these vast differences in risk between the international and national rating scales, Fitch publishes a summary of the rating relationships of Brazilian issuers rated on both the Brazilian national scale and the international scale. This relativity table has been revised based on these national scale rating revisions and can be found at www.fitchratings.com under national scale rating definitions.

Fitch has revised Brazilian national scale ratings and Outlooks as follows:

Gerdau S.A.
--National Long-Term rating revised to 'AAA(bra)' from 'AA+(bra)'; Outlook Stable;

Companhia de Gas de Sao Paulo - Comgas
--National Long-Term rating revised to 'AAA(bra)' from 'AA+(bra)'; Outlook Stable;

Braskem S.A.
--National Long-Term rating revised to 'AAA(bra)' from 'AA+(bra)'; Outlook Stable;

Klabin S.A.
--National Long-Term rating revised to 'AAA(bra)' from 'AA(bra)'; Outlook revised to Negative from Stable;

Petroleo Brasileiro S.A. - Petrobras
--National Long-Term rating revised to 'AA+(bra)' from 'AAA(bra)'; Outlook Negative;
--Senior unsecured debentures revised to 'AA+(bra)' from 'AAA(bra)';

Itaipu Binacional - Itaipu
--National Long-Term rating revised to 'AA+(bra)' from 'AAA(bra)'; Outlook Negative;

BR Malls Participacoes S.A.
--National Long-Term rating revised to 'AA+(bra)' from 'AA(bra)'; Outlook Positive;
--Senior unsecured debentures revised to 'AA+(bra)' from 'AA(bra)';

Cosan S.A. Industria e Comercio
--National Long-Term rating revised to 'AA+(bra)' from 'AA(bra)'; Outlook Stable;

JBS S.A.
--National Long-Term rating revised to 'AA+(bra)' from 'AA(bra)'; Outlook Stable;

Rede D'Or Sao Luiz S.A.
--National Long-Term rating revised to 'AA+(bra)' from 'AA(bra)'; Outlook Stable;

ISA Capital do Brasil S.A.
--National Long-Term rating revised to 'AA+(bra)' from 'AA-(bra)'; Outlook Stable;

JSL S.A.
--National Long-Term rating revised to 'AA-(bra)' from 'A+(bra)'; Outlook Negative;
--Senior unsecured debentures revised to 'A+(bra)' from 'A(bra)';

Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.
--National Long-Term rating revised to 'AA-(bra)' from 'A+(bra)'; Outlook Stable;
--Senior unsecured debentures revised to 'AA-(bra)' from 'A+(bra)';

Magnesita Refratarios S.A.
--National Long-Term rating revised to 'AA-(bra)' from 'A+(bra)'; Outlook Negative;
--Senior unsecured debentures revised to 'AA-(bra)' from 'A+(bra)';

Companhia Siderurgica Nacional - CSN
--National Long-Term rating revised to 'BB-(bra)' from 'BBB-(bra)'; Outlook Negative;

Ultrafertil S.A.
--National Long-Term rating revised to 'AA+(bra)' from 'AA(bra)'; Outlook Stable;
--Secured debentures revised to 'AA+(bra)' from 'AA(bra)';

Diagnosticos da America S.A. - DASA
--National Long-Term rating revised to 'AA+(bra)' from 'AA(bra)'; Outlook Stable;
--Senior unsecured debentures revised to 'AA+(bra)' from 'AA(bra)';

Saneamento Ambiental Aguas do Brasil
--National Long-Term rating revised to 'AA+(bra)' from 'AA(bra)'; Outlook Stable;

VLI Multimodal S.A. - VLI Multimodal
--National Long-Term rating revised to 'AA+(bra)' from 'AA(bra)'; Outlook Stable;
--Senior unsecured debentures revised to 'AA+(bra)' from 'AA(bra)';

Companhia Energetica do Maranhao - Cemar
--National Long-Term rating revised to 'AA+(bra)' from 'AA(bra)'; Outlook Stable;
--Senior unsecured debentures revised to 'AA+(bra)' from 'AA(bra)';

Concessionaria Rio - Teresopolis
--National Long-Term rating revised to 'AA+(bra)' from 'AA(bra)'; Outlook Stable;

VLI S.A. - VLI
--National Long-Term rating revised to 'AA+(bra)' from 'AA(bra)'; Outlook Stable;

Moura Dubeux Energharia S.A.
--National Long-Term rating revised to 'BBB-(bra)' from 'BBB+(bra)'; Outlook Stable;
--Senior unsecured debentures revised to 'BBB-(bra)' from 'BBB+(bra)';

Queiroz Galvao Desenvolvimento Imobilario S.A.
--National Long-Term rating revised to 'BBB-(bra)' from 'BBB(bra)'; Outlook Negative;

Gafisa S.A.
--National Long-Term rating revised to 'BBB-(bra)' from 'BBB(bra)'; Outlook Stable;

Construtora Tenda S.A.
--National Long-Term rating revised to 'BBB-(bra)' from 'BBB(bra)'; Outlook Stable;

Companhia Nacional de Saneamento - Conasa
--National Long-Term rating revised to 'BB-(bra)' from 'BB(bra)'; Outlook Stable;

Conasa SPE S.A.
--Senior unsecured debentures revised to 'BB-(bra)' from 'BB(bra)';
Aegea Saneamento e Participacoes S.A.
--National Long-Term rating revised to 'AA-(bra)' from 'A+(bra)'; Outlook Stable;

Prolagos S.A. - Concessionaria de Servicos Publicos de Agua e Esgoto
--National Long-Term rating revised to 'AA(bra)' from 'AA-(bra)'; Outlook Stable;
--Senior secured debentures revised to 'AA(bra)' from 'AA-(bra)';

Aguas Guariroba S.A.
--National Long-Term rating revised to 'AA(bra)' from 'AA-(bra)'; Outlook Stable;
--Senior secured debentures revised to 'AA(bra)' from 'AA-(bra)';

Agencia de Fomento do Estado do Rio de Janeiro S.A. - AGERIO
--National Long-Term Rating revised to 'A-(bra)' from 'A(bra)'; Outlook revised to Negative from Stable

Agencia de Fomento do Estado de Sao Paulo - Desenvolve SP
--National Long-Term Rating remains at 'AA+(bra)'; Outlook revised to Negative from Stable;

Banco de Brasilia S.A. - BRB
--National Long-Term Rating remains at 'AA-(bra)'; Outlook revised to Negative from Stable;

BV Leasing Arrendamento Mercantil S.A.
--Subordinated debentures revised to 'A+(bra)' from 'AA(bra)';

Banco ABC Brasil S.A.
--National Long-Term Rating revised to 'AA+' from 'AA(bra)'; Outlook Stable;

Banco BMG S.A.
--National Long-Term Rating remains at 'A(bra)'; Outlook revised to Negative from Stable;

Banco Bonsucesso S.A.
--National Long-Term Rating revised to 'BBB-(bra)' from 'BBB(bra)'; Outlook Stable

Banco CNH Industrial Capital S.A.
--National Long-Term Rating revised to 'AA+(bra)' from 'AA-(bra)'; Outlook Stable
--Senior unsecured debt Long-Term revised to 'AA+(bra)' from 'AA-(bra)';

Banco Cooperativo Sicredi S.A.
--National Long-Term Rating remains at 'AA+(bra)'; Outlook revised to Negative from Stable;

Banco GMAC Brazil S.A.
--National Long-Term Rating revised to 'AAA(bra)' from 'AA+(bra)'; Outlook Stable

Banco Industrial do Brasil S.A.
--National Long-Term Rating revised to 'AA-(bra)' from 'A+(bra)'; Outlook Stable
--National Short Term Rating revised to 'F1+(bra)' from 'F1(bra)';

Banco Nacional de Desenvolvimento Economico e Social (BNDES)
--National Long-Term Rating revised to 'AA+(bra)' from 'AAA; Outlook revised to Negative from Stable;

Banco Pine S.A.
--National Long-Term Rating remains at 'A+(bra)'; Outlook revised to Negative from Stable;

Banco Safra S.A.
--National Long-Term Rating revised to 'AA+(bra)' from 'AAA(bra)'; Outlook Stable;

Banco Votorantim S.A.
--National Long-Term Rating revised to 'AA-(bra)' from 'AA+(bra)'; Outlook revised to Negative from Stable;

Banco da Amazonia S.A.
--National Long-Term Rating revised to 'AA+(bra)' from 'AAA(bra)'; Outlook revised to Negative from Stable;

Banco do Brasil S.A.
--National Long-Term Rating revised to 'AA+(bra)' from 'AAA(bra)'; Outlook revised to Negative from Stable;

Banco do Nordeste do Brasil S.A.
--National Long-Term Rating revised to 'AA+(bra)' from 'AAA(bra)'; Outlook revised to Negative from Stable;

Caixa Economica Federal
--National Long-Term Rating revised to 'AA+(bra)' from 'AAA(bra)'; Outlook revised to Negative from Stable;

Omni S.A. - Credito, Financiamento e Investimento
--National Long-Term Rating revised to 'BBB-(bra)' from 'BBB(bra); Outlook Stable

Rio de Janeiro, City of
--National Long-Term Rating remains at 'AA+(bra)'; Outlook revised to Negative from Stable;

Rio de Janeiro, State of
--National Long-Term Rating revised to 'A-(bra)' from 'A(bra)'; Outlook revised to Negative from Stable;

Safra Leasing S.A. Arrendamento Mercantil
--National Long-Term Rating revised to 'AA+(bra)' from 'AAA(bra)'; Outlook Stable
--Subordinated debt revised to 'AA(bra)' from 'AA+(bra)';

Sao Paulo, Municipality of
--National Long-Term Rating remains at 'AA+(bra)'; Outlook revised to Negative from Stable;

Sao Paulo, State of
--National Long-Term Rating remains at 'AA+(bra)'; Outlook revised to Negative from Stable;

Sul America S.A.
--National Long-Term Rating revised to 'AA-(bra)' from 'AA(bra)'; Outlook Negative
--Senior unsecured debt revised to 'A+(bra)' from 'AA-(bra)'.