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Fitch Rates Brookfield Incorporacoes' First Debentures Issuance 'A+bra'.

Publication: Mergers & Acquisitions Week
Publication Date: 09-SEP-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Fitch Ratings has assigned the national long-term debt rating of 'A+(bra)' to the proposed first simple debentures issuance, not convertible into shares, of Brookfield Incorporacoes S.A. (Brookfield Incorporacoes), in the total amount of BRL100 million, with final maturity on Sept. 1, 2013. The proceeds will be used for company general purposes. Fitch has already rated Brookfield Incorporacoes' foreign and local currency Issuer Default Ratings (IDRs) 'BB-', and national long-term rating 'A+(bra)'. The Rating Outlook of the corporate ratings is Negative.

Brookfield Incorporacoes' ratings reflect the integration of the company's operations, which include a solid and geographically diversified land bank (Potential Sales Value (PSV) of BRL14.4 billion in June 2009); the strong shareholders structure and the capital support of the controlling group; and its operating scale expansion through strategic acquisitions carried out in 2008, which led the company to rank among the country's four largest real estate developers. The...

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