Moody’s Cuts PDG

Moody’s Cuts PDG

Brazil Corporate & Sovereign Strategy

Moody’s has dropped PDG Realty’s rating to Ba3 from Ba2, it says. The downgrade reflects the significant deterioration in the Brazilian homebuilder’s credit metrics over the last 12 months and the uncertainty regarding the pace of recovery. “Despite the BRL796m equity capitalization completed this September and other ongoing initiatives to restructure and downsize the business, Moody’s believes PDG’s credit metrics and margins may not recover significantly before 2014,” it says. The agency expec

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