National Rating

(limited to sovereign ceiling)

Foreign Currency: BB+

R$700 million´s Bonds, with maturity in 2016: AA(bra)

The upgrades reflect DASA's stronger business and financial profile which is due to an improvement in its cash flow generation as a result of gains of scale and synergies from past acquisitions (…)Fitch expects that the company will maintain its conservative capital structure going forward, while maintaining an adequate liquidity position.

Long term: brAA- (stable)

(limited to sovereign ceiling)

Foreign Currency: BB

R$700 million´s Bonds, with maturity in 2016: brAA-

“…the company's margins have improved, benefiting from economies of scale, more efficient operation and positioning of its many brands, and diversification of its service portfolio. It has used positive cash generation to deleverage and improve liquidity.”