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Fitch Affirms CCP's IDRs at 'BB-'; Withdraws Ratings
September 20, 2017 / 7:15 PM / in a month

Fitch Affirms CCP's IDRs at 'BB-'; Withdraws Ratings

(The following statement was released by the rating agency) RIO DE JANEIRO, September 20 (Fitch) Fitch Ratings has affirmed Cyrela Commercial Properties S.A. Empreendimentos e Participacoes' (CCP) Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) at 'BB-'/Stable and its National Long-Term rating at 'A(bra)'/Stable. At the same time, Fitch has withdrawn the ratings. A full list of rating actions follows at the end of this release. Fitch has chosen to withdraw the ratings of CCP for commercial reasons. Fitch will no longer provide ratings or analytical coverage for the company. KEY RATING DRIVERS Key Rating Drivers are not applicable as the ratings have been withdrawn. DERIVATION SUMMARY Derivation Summary is not applicable as the ratings have been withdrawn. KEY ASSUMPTIONS Key Assumptions are not applicable as the ratings have been withdrawn. RATING SENSITIVITIES Rating Sensitivities are not applicable as the ratings have been withdrawn. LIQUIDITY CCP's liquidity will improve with the proceeds from the sale of assets, and part of the proceeds will be used to prepay about BRL1 billion of debt, materially minimizing refinancing pressure during the next couple of years. As of June 30, 2017, cash and marketable securities totalled BRL330 million and total debt was BRL2.4 billion. The company has BRL507 million of debt maturing in the short term and BRL262 million in second-half 2018. FULL LIST OF RATING ACTIONS Fitch has affirmed and withdrawn the following ratings: Cyrela Commercial Properties S.A. Empreendimentos e Participacoes --Long-term Foreign Currency IDR at 'BB-'; --Long-term Local Currency IDR at 'BB-'; --Long-term National Scale rating at 'A(bra)'; --Fifth debenture issuance, in the amount of BRL200 million, due in 2019, at 'A(bra)'; --Eighth debenture issuance, in the amount of BRL200 million, due in 2020, at 'A(bra)'. The Rating Outlook for the corporate ratings was Stable when the rating was withdrawn. Contact: Primary Analyst Fernanda Rezende Director +55-21-4503-2619 Fitch Ratings Brasil Ltda. Praca XV de Novembro, 20 - Sala 401 B - Centro - Rio de Janeiro - RJ - CEP: 20010-010 Secondary Analyst Jose Roberto Romero Director +55-11-4504-2603 Committee Chairperson Ricardo Carvalho Senior Director +55-21-4503-2627 Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity: Net revenues and Costs: Fitch has adjusted net revenues and costs by excluding the impact from asset sales. Media Relations: Benjamin Rippey, New York, Tel: +1 646 582 4588, Email: benjamin.rippey@fitchratings.com. 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