Ratings

Year	Kind	Agency	Scale	Outlook	Date
2025	Global Scale	Moody’s	Ba3	Negative	11/05/2025
2025	Local Scale*	Moody’s	AA-.br	Negative	07/01/2025
2025	Global Scale	Fitch Ratings	BB-	Stable	09/22/2025
2025	Local Scale	Fitch Ratings	AA- (bra)	Stable	09/22/2025
2026	Local Scale*	S&P	brAA-	Stable	03/20/2026

* Portuguese only.