S&P lifts Even Construtora

Standard & Poor's said it raised the national scale corporate credit rating on Even Construtora e Incorporadora SA to brA from brA-.

The agency also said it affirmed the company's BB- global scale rating.

The outlook is stable.

The upgrade reflects the company's adequate liquidity, stable profitability and leading market position in a niche sector of Brazil's housing industry despite its relatively small size and narrow operating scope, S&P said.

The company's exposure to execution risks, intensive working capital requirements, weaker industry dynamics and uncertain macroeconomic conditions constrain the ratings, the agency said.

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