Moody's assigns Ba2 to new Cyrela debentures

Moody's America Latina said it assigned a Ba2 rating on the global scale and Aa2.br rating on the Brazilian National scale to the R$400 million senior unsecured debentures issuance proposed by Cyrela Brazil Realty SA Empreendimentos e Participacoes with final maturity in 2017.

At the same time, Moody's affirmed Cyrela's corporate family ratings and the ratings assigned to its other outstanding debt issues at Ba2/Aa2.br.

The outlook is stable.

Cyrela's Ba2 rating reflects its position as one of the largest homebuilders in Brazil with a strong brand name and good diversity in terms of product offering and geographic locations, as well as an experienced and conservative management team, the agency said.

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