Ratings

Agency	Company	Specific Transaction Ratings	Specification	Rating	Bias
Standard & Poors	Gerdau S.A.	Corporate	Domestic Currency	brAAA	Stable
		Corporate	Foreign Currency	BBB-	Positive
		–	10 Years Bond	BBB-	Positive
Fitch Ratings	Gerdau S.A.	Corporate	Foreign Currency (long term)	BBB	Stable
		Corporate	Domestic Currency (long term)	BBB	Stable
		Corporate	National Scale (domestic currency)	AAA	Stable
		–	10 Years Bond	BBB	Stable
Moody’s	Gerdau S.A.	Corporate	Issuer	Baa3	Stable