Fitch lifts Even to A+(bra)

Fitch Ratings said it affirmed Even Construtora e Incorporadora SA's foreign- and local-currency issuer default ratings at BB-.

Fitch also said it upgraded Even's national long-term rating to A+(bra) from A(bra), along with its fifth debenture issuance of R$250 million due in 2016 to A+(bra) from A(bra).

The outlook is stable.

These actions reflect the strengthening of Even's credit profile within its international rating category of BB-, resulting in the national rating upgrade, Fitch said.

Even has been efficient in preserving its adequate operating performance and conservative credit metrics in a more challenging scenario for the domestic homebuilding sector, the agency said.

Fitch said it considers the company's maintenance of comfortable liquidity and low corporate debt maturities up to the end of 2014 as positive rating factors.

The company's vulnerability to the cyclical downturns in the real estate sector and high dependency on the domestic economy and credit availability also were factored into the ratings, the agency said.

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