S&P upgrades Tecnisa after share sale

S&P upgrades Tecnisa after share sale

Capital Markets Equity Debt Fixed Income Brazil

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 sha

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