Moody's Negative on PDG

Moody's Negative on PDG

Brazil Corporate & Sovereign Strategy

Moody’s has placed PDG Realty’s Ba2 ratings under review for downgrade, it says. The review is triggered by a significant deterioration in the Brazilian homebuilder's credit metrics due to weaker than expected profitability and Moody's expectation that an improvement in leverage will only be gradual. PDG has overheated after an average annual growth rate of 64% from 2007 through 3Q 2012. “The aggressive growth strategy led to cost overruns and delayed launches impacting gross margins and profita

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