Moody’s cuts Votorantim to Ba2

Moody's America Latina said it downgraded Votorantim SA's ratings to Ba2 from Baa3.

At the same time, the agency withdrew Votorantim’s issuer ratings and assigned a Ba2/Aa2.br corporate family rating.

In addition, Moody's Investors Service downgraded the foreign currency debts guaranteed by Votorantim and its subsidiaries and issued by Companhia Brasileira de Aluminio to Ba2.

The outlook was changed to negative.

"The downgrade of Votorantim's global scale ratings was prompted by the downgrade of Brazil's government bond rating to Ba2 from Baa3," Moody's vice president and senior analyst Marcos Schmidt said in a news release.

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