Sao Paulo, January 24, 2013 -- Moody's America Latina ("Moody's") stated today, that Gafisa's debt renegotiation is credit positive for the issuer. Gafisa S.A. (CFR: Ba3/ A3.br, negative) announced on January 9, 2013, it renegotiated the terms of the 7th debentures issuance (BRL600 million senior secured debt: Ba2/A1.br, negative) extending its tenor by 36 months in exchange for an interest rate increase of 15 basis points.

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