Madrid, July 18, 2014 -- Moody's Investors Service placed the bond and program ratings of Portugal Telecom International Finance B.V. (PTIF) on review for downgrade. The rating review was triggered by the review of the ratings of Oi S.A. (Oi), which is the 100% owner and full and unconditional guarantor of PT Portugal SGPS, S.A. and its subsidiary Portugal Telecom International Finance B.V.

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