Moody’s revises Even to stable

Moody's America Latina said it affirmed Even Construtora e Incorporadora SA’s B1 global scale/Baa2.br national scale corporate family rating and all related ratings.

The outlook was changed to stable from negative.

Moody’s said the outlook stabilization reflects primarily its expectation of gradual improvements in operating performance through 2019.

“Even has been able to maintain adequate leverage and liquidity profiles even during the downturn in Brazil's homebuilding industry, as a consequence of its strategy to accelerate the sale of finished units in inventories and reduce gross debt,” the agency said in a news release.

“The stabilization of the outlook also incorporates our expectations that the deterioration in Brazil's homebuilding industry has bottomed out and that the industry will recover slowly and gradually in the next 12-18 months, thus limiting future downside risk to Even's future operating and financial performances.”

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