July 31, 2019
S&P Global said it has upgraded Tecnisa to brAA from brA+ after the Brazilian homebuilder raised BRL446m ($118m) from a share sale on July 18.
The money allows Tecnisa to buy more plots of land and develop new projects "to return to a more appropriate level of sales for its capital structure," S&P said in a report.
Tecnisa will also use the money to pay off debts with higher costs and reduce its debt levels to 25% to 35% of capital from around 40%, S&P said.
Tecnisa increased its
Rating agency sees a return to "appropriate" sales for the Brazilian homebuilder