Moody's lowers PDG Realty

Moody's Investors Service said it downgraded the corporate family ratings assigned on PDG Realty SA Empreendimentos e Participacoes to Ba3 from Ba2 on the global scale and to A3.br from Aa3.br on the Brazilian national scale.

At the same time, the agency said it downgraded the company's R$250 million senior secured CCBs to Ba3/A3.br from Ba2/Aa3.br. The agency also downgraded the R$140 million senior unsecured debentures referring to the company's 7th issuance of debentures to B1/Baa2.br from Ba3/A2.br.

The outlook for all ratings is negative.

The agency said the downgrade reflects the significant deterioration in the company's credit metrics over the last twelve months and the uncertainty regarding the pace of recovery. These actions complete the ratings review that Moody's initiated Nov. 19.

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