Ratings

Year	Kind	Agency	Scale	Outlook	Date
2026	Global Scale	Moody’s	B1	Stable	07/08/2026
2026	Local Scale*	Moody’s	A+.br	Stable	07/27/2026
2026	Global Scale	Fitch Ratings	B+	Stable	07/10/2026
2026	Local Scale	Fitch Ratings	A(bra)	Stable	07/10/2026
2026	Local Scale*	S&P	brAA-	Negative	07/28/2026

* Portuguese only.