Sao Paulo, August 24, 2015 -- Moody's América Latina Ltda. has downgraded to Caa3 from B3 (global scale, local currency) and to Caa3.br from B1.br (national scale) the ratings of the 15th series of the 1st issuance of real estate certificates (CRI or certificates) issued by PDG Companhia Securitizadora, following the downgrade of the underlying CCB to Caa3/Caa3.br from B3/B1.br.

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