Fitch affirms Even

Fitch Ratings said it has affirmed the ratings of Even Construtora e Incorporadora SA as follows: long-term national-scale at A(bra); long-term foreign currency issuer default rating at BB-; long-term local currency issuer default rating at BB-; 100 million reais second debenture issuance due October 2012 at A(bra); 75 million reais third debenture issuance due 2013 at A(bra); and 250 million reais fifth debenture issuance due 2016 at A(bra).

The outlook for the corporate ratings is stable.

Even's ratings reflect the maintenance of consistent operating performance, its conservative credit profile and adequate operational controls, the agency noted.

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