S&P lifts Votorantim Participações

Standard & Poor's said it raised its long-term corporate credit rating on Votorantim Participações SA to BBB from BBB-.

The rating on the $300-million, 7.875% notes issued by Votorantim Overseas Trading Operations III Ltd. was also raised to BBB, the agency said.

The outlook is stable.

S&P noted that the rating action reflects an improving operating environment for Votorantim Participações's operations due to declining country risks in Brazil, continuing expectations of consistent debt reduction, strong medium-term prospects for several of the company's main businesses and strengthening export capabilities.

According to the agency, the ratings on Votorantim Participações reflect its broad business diversification in segments in which the group benefits from strong fundamentals and low business correlation that builds operating margin and cash flow resilience through economic cycles.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.