S&P affirms Voto-Votorantim notes

Standard & Poor's said it affirmed the BBB rating on Voto-Votorantim Overseas Trading Operations IV Ltd.'s $400 million 7¾% notes, guaranteed by Votorantim Participações SA (BBB/negative), Votorantim Celulose e Papel SA (BB/negative) and Cimento Rio Branco SA. Votorantim Celulose's and Cimento Rio's liability is limited to 50% of the notes' outstanding amount.

The agency said it affirmed the BBB rating on the notes despite lowering the corporate credit rating on Votorantim Celulose to BB from BBB because as long as Votorantim Participações guarantees 100% of the notes' outstanding amount, the rating on the notes will reflect the local-currency rating on Votorantim Participações.

© 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.