Brazilian Homebuilders Won?t Put Down Their Hammers In 2012 Mar 12
Standard & Poors, March 2012
Abstract
Low unemployment, sound consumer confidence indicators, and government incentives for mortgage financing--especially for affordable housing--bode well for Brazil's homebuilders this year. Standard & Poor's Ratings Services' stable to moderately positive credit outlook on the Brazilian homebuilding sector reflects our expectation for continued growth in 2012. However, we expect the pace of expansion to slow from 2011's rapid clip. The nation's homebuilders are generally becoming more cautious as surging inflation pushes construction costs and home prices up. Nevertheless, we expect housing starts to expand by about 10% this year, compared to robust growth of more than 70% on average in 2010 and on top of a 15% average growth rate last year. We currently estimate Brazil's housing deficit at about 5.5...
Companies mentioned in this report are: Rossi Residencial S.A.,Corporacion GEO S.A.B. de C.V.,Consorcio ARA S.A.B de C.V.,Urbi Desarrollos Urbanos S.A.B.de C.V.,Desarrolladora Homex S.A.B. de C.V.,Gafisa S.A.,Sare Holding S. A. B. de C. V.,Inmobiliaria Ruba S.A. de C.V.,Cyrela Brazil Realty S.A. Empreendimentos e Participacoes,Even Construtora e Incorporadora S.A.,PDG Realty S.A. Empreendimentos E Participacoes,Klabin Segall S.A.,Tecnisa S.A.,MRV Engenharia e Participacoes S.A.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Rossi Residencial S.A.,Corporacion GEO S.A.B. de C.V.,Consorcio ARA S.A.B de C.V.,Urbi Desarrollos Urbanos S.A.B.de C.V.,Desarrolladora Homex S.A.B. de C.V.,Gafisa S.A.,Sare Holding S. A. B. de C. V.,Inmobiliaria Ruba S.A. de C.V.,Cyrela Brazil Realty S.A. Empreendimentos e Participacoes,Even Construtora e Incorporadora S.A.,PDG Realty S.A. Empreendimentos E Participacoes,Klabin Segall S.A.,Tecnisa S.A.,MRV Engenharia e Participacoes S.A.
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