Moody’s downgrades Tegma’s ratings to B1/, outlook changed to negative

Sao Paulo, November 25, 2015 — Moody’s America Latina downgraded Tegma Gestao Logistica S.A.’s corporate family ratings (“CFR”) and its BRL 200 million senior unsecured debentures due in 2018 and 2019 to B1 from Ba3 on the global scale and to from on the Brazilian national scale. The outlook for all ratings was changed to negative from stable.

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