ARC Ratings, S.A. (ARC Ratings) has downgraded Unicer Group’s medium and long term and short term issuer and issue ratings, respectively, to “BBB+” and “A-2” from “A” and “A-1”, removed the ratings from under review and simultaneously withdrawn the ratings on 25 May 2015 at the request of the Issuers. These rating actions followed a under review put in place on 1 December 2014, meant to align the companies’ ratings in response to the accordance of country ceilings for Portugal. The agency assigned on 1 May 2015 country ceilings of “A” to Portugal, while assigning a “BBB-” sovereign rating to the Republic of Portugal.

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