Brookfield Incorporacoes S.A. -- Moody's comments on Brazil's declining real estate prices

Sao Paulo, April 30, 2015 -- Moody's America Latina says that the drop in real estate prices adds further stress for Brazilian homebuilders in 2015. On April 28, Brazil'sEconomic Research Institute Foundation (Fipe), an independent research organization, published an analysis of the Brazilian real estate market along with a new time series based house asking prices, which indicates a clear downward trend for real estate prices in the country. This downturn is a major credit negative for all Brazilian homebuilders, and particularly to those that have been struggling to deal with high debt levels and rising costs, such as PDG Realty S.A. Empreend. e Participacoes (B3 negative), Viver Incorporadora e Construtora S.A. (Caa1 negative) and Brookfield Incorporações S.A. (B1 negative).

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