Moody’s downgrades PDG, notes to C

Moody's America Latina said it downgraded PDG Realty SA Empreendimentos e Participacoes’ corporate family ratings to C from Caa3 on the global scale and to C.br from Caa3.br on the Brazilian national scale.

At the same time, the agency downgraded the ratings on the R$250 million senior secured bank credit notes due in 2020 to C/C.br from Caa3/Caa3.br and the R$140 million senior unsecured debentures due in 2018 to C/C.br from Ca/Ca.br.

Moody’s said the downgrade to C follows PDG's Feb. 1 announcement of a missed payment of an extraordinary early amortization on the company's R$250 million senior secured bank note (CCB) that is underlying the 15th series of the first issuance of real estate certificates (CRI). According to the instruments' indentures, the missed payment can trigger the acceleration of both the CCB and the CRI.

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