Ratings

Year	Kind	Agency	Scale	Outlook	Date
2026	Global Scale	Moody’s	Ba3	Negative	05/18/2026
2026	Local Scale*	Moody’s	AA-.br	Negative	05/19/2026
2026	Global Scale	Fitch Ratings	BB-	Stable	05/21/2026
2026	Local Scale	Fitch Ratings	AA- (bra)	Stable	05/21/2026
2026	Local Scale*	S&P	brAA-	Stable	05/14/2026

* Portuguese only.