Fitch Affirms JSL‘s IDRs at ‘BB‘ – Outlook Revised to Stable

Mogi das Cruzes, September 9, 2016 – JSL S.A. (BM&FBOVESPA: JSLG3 and ADR Level 1: JSLGY), hereby announces that, on September 9, 2016, Fitch Ratings attributed global and national scale corporate credit ratings of “BB” and “AA- (bra)”, respectively, to JSL S.A. with the previous negative outlook upgraded to stable.

According to Fitch Ratings, the outlook upgrade reflected the resilience of JSL’s businesses, sustained by improved operating cash flow, despite Brazil’s recession.

For Fitch, JSL’s rating reflects its strong business profile, supported by its leading position in the Brazilian logistics sector, its diversified service portfolio and its resilient operating performance in recent years. JSL has a history of maintaining a liquidity position that is appropriate for its short-term obligations and this is a fundamental factor in its ratings.

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