S&P cuts PDG Realty

Standard & Poor's said it lowered its national scale issuer ratings on PDG Realty SA Empreendimentos e Participacoes SA to brA- from brA.

At the same time, the agency said it affirmed the BB- global scale corporate credit rating on PDG. The outlook on both scales is negative.

The agency said the rating actions reflect S&P's opinion that following PDG's weak performance in the first half of 2012, its ability to improve its results in 2013 is somewhat uncertain.

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