Buenos Aires City, December 17, 2012 -- Moody's Investors Service upgraded by one notch the global scale issuer ratings of the State of Sao Paulo to Baa2 from Baa3. The outlook of the State of Sao Paulo is revised to positive. At the same time, Moody´s Investors Service upgraded the global scale issuer rating of the State of Minas Gerais to Baa3 from Ba1. The outlook of the State of Minas Gerais remains stable. In addition, Moody's revised the outlook to positive from stable on the global scale issuer ratings of the city of Rio de Janeiro.

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