Real Estate Central

SAO PAULO, Brazil, May 5 /PRNewswire-FirstCall/ — Gafisa S.A.
(Bovespa: GFSA3; NYSE: GFA), Brazil’s leading diversified national
homebuilder, today announced that Fitch Ratings has upgraded the Company’s
corporate debt rating to an “A(bra) from an ‘A-(bra)’ (A minus bra). Gafisa
is one of only two companies within the sector rated by Fitch Ratings to
receive an ‘A’ or higher rating of its corporate debt.

According to Fitch Ratings, the upgrade was partially the result of
Gafisa’s consistent improvement in operating performance, its significant
growth in revenues and its strong position as a leading homebuilder in
Brazil. Additionally, Fitch cited that it expects that in the next few
years Gafisa should significantly increase its revenues and generation of
cash flow as it continues to expand geographically and diversify the
products offered and the socioeconomic segments served.

“We were pleased to receive this additional vote of confidence in our
capital structure and business potential. The improvement in the rating of
our corporate debt should result in lower financial costs for Gafisa and
ultimately, greater value for all of our shareholders,” said Duilio
Calciolari, Chief Financial Officer of Gafisa.

For additional information please contact the IR department.

About Gafisa

We are one of Brazil’s leading diversified national homebuilders. Over
the last 50 years, we have been recognized as one of the foremost
professionally- managed homebuilders, having completed and sold more than
900 developments and constructed over 40 million square meters of housing,
which we believe is more than any other residential development company in
Brazil. We believe “Gafisa” is one of the best-known brands in the real
estate development market, enjoying a reputation among potential
homebuyers, brokers, lenders, landowners, and competitors for quality,
consistency, and professionalism.



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Source: Real Estate Newswire

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