Fitch rates Even Construtora B+

Fitch Ratings said it assigned B+ foreign- and local-currency issuer default ratings to Even Construtora e Incorporadora SA and a national long-term debt rating of A-(bra), which also applies to its first debenture issuance program in the amount of R$500 million due 2013.

The outlook is stable.

Proceeds will be used for land acquisition, new project development and working capital needs.

Fitch said the ratings reflect the company's small but rapidly growing market position and operations and moderate financial position.

Ratings are supported by an adequate capital structure and a strong cash position related to the initial public offering in May and capital injection in April 2006, the agency said.

Low leverage and solid liquidity are expected to enable the company to expand and strengthen its business and cash generation going forward, diversify its geographic business area, maintaining leverage at a manageable level for the risks connected with its business.

Fitch said it expects additional debt required to fund Even's growth is expected to increase the total debt-to-EBITDA ratio from 3.3 times in September to about 3.8 times in 2008 and 2009.

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