Moody’s gives Even Construtora debt B1/Baa2.br

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$87 million debentures issuance proposed by Even Construtora e Incorporadora SA with final maturity in 2019.

Proceeds will be used for liability management.

The outlook is negative.

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

The B1/Baa2.br rating assigned for the notes stands at the same level as the corporate family rating given the comfortable level of residual and unencumbered assets that represent an alternate source of liquidity and strengthen the recovery prospects for unsecured claims. Even's consolidated debt is composed of a mix of secured construction loans, representing about 58% of its total debt at the end of 2016, and unsecured debt and working capital loans of about 42%, the agency explained.

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