Sao Paulo, May 13, 2016 -- Moody's América Latina Ltda. has affirmed the Caa3 (global scale, local currency) and Caa3.br (national scale) ratings of the 15th series of the 1st issuance of real estate certificates (CRI or certificates) issued by PDG Companhia Securitizadora, following the affirmation of the underlying CCB (cédula de crédito bancário or bank credit notes) ratings at Caa3/Caa3.br.

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