New York, September 16, 2014 -- Moody's Investors Service ("Moody's") downgraded NII Holdings Inc.'s ("NII" or "the company") Probability of Default rating ("PDR") to D-PD from Caa2-PD, the Corporate Family rating ("CFR") to Ca from Caa2, and associated debt ratings as detailed below. The downgrades follow NII's announcement on September 16, 2014 of its filing a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code to restructure its debt obligations and to improve its liquidity. NII's operating subsidiaries in Brazil, Mexico and Argentina are not part of the U.S. bankruptcy proceedings and will continue to operate on a "business as usual" basis. The rating outlook is stable, although Moody's plans to withdraw all ratings for the company over the near-term consistent with its business practice for companies operating under the purview of the bankruptcy courts wherein information flow typically becomes much more limited.

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