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Construtora Norberto Odebrecht (CNO), the largest Engineering and Construction Company in Latin America, presented a gross revenue in the order of R$ 16.9 billion in 2008 and R$ 13.6 billion at the end of the third quarter of 2009. The Company has just received an Investment Grade rating from Moody's, one of the principal rating agencies in the world. With a solid reputation in performing complex projects (in terms of engineering and of project finance structuring), CNO received a Baa3 issuer rating on a global scale. This rating acknowledges the Company's “creditworthiness,” an attribute based on CNO´s policy of constant risk mitigation and rigid financial discipline (as evidenced by solid debt and liquidity rates).

Given the critical global economic environment, the elevation to Investment Grade attests CNO´s performance capability and reinforces the Company´s commitment and capacity to realize relevant investments in both the Infrastructure and Engineering & Construction sectors. According to CNO´s Chief Financial Officer, Paulo Cesena, the: “(Company) is ready to strengthen its investments in infrastructure and construction in Brazil, while maintaining its strong international presence.” For instance, CNO´s current backlog is greater than US$18.7 billion (of which US$ 6.8 billion refer to contracts signed in the first three quarters of 2009). This is the first time, since its inception 65 years ago, that the Company reached such a high level of operation.

Rating classifications serve as a guide to international investors and financial institutions when they are deciding on where to invest and at what rate. The Investment Grade rating just granted to CNO improves the Company´s ability to secure funding at attractive rates. Cesena adds: “The Investment Grade rating will allow for the capture of better funding rates, which leverage the Odebrecht Organization´s (ODB) ability to invest without compromising the Group´s strong financial discipline.” In the last 3 years, ODB has significantly increased its investments in infrastructure. Aside from acting as an Engineering & Construction service provider through CNO, the Organization also invests in: road, energy and sanitation concessions; real estate and drilling platforms for the Oil & Gas Industry.

According to Cesena, this international credit recognition comes at a time in which the new businesses aforementioned are consolidating their respective growth plans. These businesses are now starting to attract strategic partners, who will share with ODB the opportunities to transform said businesses in leaders in Infrastructure and Energy. “CNO´s Investment Grade rating improves ODB´s credibility in the eyes of new strategic and financial partners, who recognize ODB´s solid operational and financial performance and qualify investments with the Organization as a sound and opportunistic,” acknowledges Cesena.

Press Contact:
CDN Comunicação Corporativa

Michele Izawa: + 55 (11) 3643-2750 / michele.izawa@cdn.com.br
Paula Barcellos: + 55 (11) 3643-2717/ paula.barcellos@cdn.com.br