Moody's rates Even Construtora noes Ba3/A2.br

Moody's America Latina said it assigned a Ba3 rating on the global scale and A2.br on the Brazilian national scale to the R$150 million senior unsecured debentures issuance proposed by Even Construtora e Incorporadora SA due in 2017.

The outlook is stable.

The proceeds will be used to pay down debt coming due over the next twelve months and to improve the company's debt maturity profile.

Moody's said the Ba3 rating reflects Even's strong brand name in its geographic niche market and track record in the construction of apartments for the middle income families.

The rating also considers the company's high market share, especially in the Sao Paulo's metropolitan area, and good profitability, in part derived from its low exposure to the lower income housing segment, the agency said.

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