Fitch lifts Brookfield

Fitch Ratings said it upgraded the ratings of Brookfield Incorporacoes SA as follows:

• Long-term foreign currency issuer default rating to BB from BB-;

• Long-term local currency issuer default rating to BB from BB-;

• Long-term national-scale rating to AA-(bra) from A+(bra);

• BRL 100 million first debenture issuance due 2013 to AA-(bra) from A+(bra);

• BRL 366 million second debenture issuance, the first series of BRL 285 million due in 2014 and the second in the amount of BRL 81 million due in 2016, to AA-(bra) from A+(bra); and

• BRL 300 million third debenture issuance, the first series of BRL 150 million due in 2015 and the second in the amount of BRL 150 million due in 2016, to AA-(bra) from A+(bra).

Also lifted were Brookfield Sao Paulo Empreendimentos Imobiliarios SA's:

• Long-term foreign currency issuer default rating to BB from BB-;

• Long-term local currency issuer default rating to BB from BB-;

• Long-term national-scale rating to AA-(bra) from A+(bra); and

• BRL 75 million third debenture issuance due 2012 to AA-(bra) from A+(bra).

In conjunction with these upgrades, Fitch has assigned an AA-(bra) long-term national-scale rating to the proposed fourth debenture issuance of Brookfield Incorporacoes for up to BRL 300 million with maturities in 2014 and 2016.

The outlook for the corporate ratings is stable.

The upgrade reflects Brookfield Incorporacoes' capacity to consistently report strong operating performance in a larger scale of operations, Fitch said.

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