Bulletin: Telemar Group Ratings Are Not Affected By Ownership Restructuring Announcement May 11

Standard & Poors, May 2011

Abstract
SAO PAULO (Standard & Poor's) May 25, 2011--Standard & Poor's Ratings Services said today that its ratings on Tele Norte Leste Participa--es S.A. (TNL, BBB-/Stable/--), Telemar Norte Leste S.A. (TMAR: BBB-/Stable/--), Brasil Telecom S.A. (BRT, national scale: brAAA/Stable/--), jointly the Telemar Group, and Telemar Group's controlling holding company Telemar Participacoes S.A. (TmarPart) are not immediately affected by TmarPart's announcement that the Telemar Group has started a corporate restructuring process, which aims to simplify the group's ownership structure and corporate governance. The transaction depends on shareholder approval at all the companies involved, as well as the regulatory body Anatel, and may take about six months to close. At current market prices, and assuming that all minority shareholders of TMAR opt out,...

Companies mentioned in this report are: Telemar Norte Leste S.A.,Oi S.A.,Tele Norte Leste Participacoes S.A.,Telemar Participacoes S.A.
Action: Bulletin

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Telemar Norte Leste S.A.,Oi S.A.,Tele Norte Leste Participacoes S.A.,Telemar Participacoes S.A.

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