Sao Paulo, November 22, 2012 -- Moody's América Latina (Moody's) has placed on review for possible downgrade the Ba2 (global scale, local currency) and Aa3.br (Brazilian national scale) ratings of the 1st issuance of the 15th series of real estate certificates (CRIs) issued by PDG Companhia Securitizadora.

Issuer: PDG Companhia Securitizadora

15th Series / 1st Issuance of Certificates: Aa3.br national scale rating placed under review for possible downgrade; the last rating action occurred on Jun 6, 2012, when the Aa3.br was assigned. Ba2 global scale, local currency rating placed under review for possible downgrade; the last rating action occurred on Jun 6, 2012, when the Ba2 definitive rating was assigned.

RATINGS RATIONALE

Today's announcement follows the review for downgrade of PDG Realty's published on November 19, 2012. The corporate family ratings and the ratings of the CCB (cédula de crédito bancário) that backs the 15th series of CRIs, both at Ba2 / Aa3.br, were placed on review for downgrade. For details, please refer to the announcement titled "Moody's places PDG's ratings under review for downgrade".

Moody's views the certificates as being full pass-through securities of obligations and guarantees of the underlying CCB. Given that the ratings of the 15th series of certificates are primarily based on PDG Realty's ability to make payments under the bank loan agreement (CCB), any changes to the CCB ratings will lead to a change in the ratings assigned to the certificates.

Moody's will conclude this review for possible downgrade following the conclusion of the review of PDG Realty's ratings.

Headquartered in Rio de Janeiro, PDG Realty is one of largest homebuilders in Brazil operating through its wholly owned subsidiaries, Goldfarb, CHL, Agre and minority investments in other companies. The company's portfolio of products is diverse including projects in several Brazilian states. During the last 12 month ended September 2012, PDG generated net revenues of BRL5.8 billion.

PDG Realty holds a near 100% stake in PDG Companhia Securitizadora, a fully controlled subsidiary incorporated in 2009.

The principal methodology used in rating the certificates was Global Homebuilding Industry rating methodology published in March 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Methodology published in October 2012 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

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Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Johann Grieneisen Vice President - Senior Analyst Structured Finance Group Moody's America Latina Ltda. Avenida Nacoes Unidas, 12.551 16th Floor, Room 1601Sao Paulo, SP 04578-903 Brazil JOURNALISTS: 800-891-2518 SUBSCRIBERS: 55-11-3043-7300Maria Ines Muller Senior Vice President Structured Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's America Latina Ltda. Avenida Nacoes Unidas, 12.551 16th Floor, Room 1601Sao Paulo, SP 04578-903 Brazil JOURNALISTS: 800-891-2518 SUBSCRIBERS: 55-11-3043-7300(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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