Moody’s applies B1/Baa2.br to Even debt

Moody's America Latina said it assigned a B1 rating on the global scale and Baa2.br on the Brazilian national scale to the R$100 million debentures issuance proposed by Even Construtora e Incorporadora SA with final maturity in 2019.

Even's B1/Baa2.br corporate family ratings remain unchanged.

The outlook is negative.

Proceeds will be used for liability management.

Moody’s said the B1/Baa2.br corporate family rating reflects Even’s strong brand name and market share in the city of São Paulo, with a solid track record in the construction of apartments for the middle-income families.

The ratings also consider Even's relative conservative financial policies that result in efficient cost control mechanisms and manageable debt profile.

On the other hand, the company's reduced scale and diversification constrain the rating, particularly under the challenging industry fundamentals, the agency added.

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