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Fitch Downgrades Econorte's Third Debenture Issue Rating

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NOTICE TO THE MARKET
Fitch Downgrades econorte's third debenture issue rating
São Paulo, May 17, 2017 TPI - Triunfo Participações e Investimentos S.A. (BM&FBovespa: TPIS3), jointly with its associate Empresa Concessionária de Rodovias do Norte S.A. – Econorte (“Econorte”), hereby announces to the market that the rating agency Fitch Ratings downgraded, on May 15, 2017, the Long-Term National Rating for the third issue of debentures of Econorte (amounting to R$ 246 million and maturing in 2020) from AA(bra) to AA-(bra). The outlook for the rating is Stable. According to the report published by Fitch Ratings, “the downgrading of the rating to ‘AA-(bra)’ results from the correction of an error committed by Fitch at the last annual review of the rating. At that time, the projected cash flow available for debt service (CFADS) was overestimated. Due to an error in calculating the CFADS, the credit deterioration was not fully incorporated into the rating at the time.”
 
The full report is available on the Fitch Ratings website.  
 
Click here for the PDF file. 
17 May 2017