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Fitch rates Votorantim notes BBB-
Fitch Ratings said it assigned a BBB- rating to Votorantim Participacoes SA's proposed senior notes of about $750 million to be issued through subsidiary Voto-Votorantim Ltd.
Proceeds will be used to repay debt and for other general corporate purposes.
The company's investment-grade ratings reflect its strong industrial business positions and high operating leverage, the agency said.
Votorantim Industrial SA's net debt-to-EBITDA ratio fell to 4.1 times at the end of 2009 from 4.7x at the end of 2008. Votorantim Participacoes' goal is to decrease its overall leverage and return the net debt-to-EBITDA ratio to below 2.5x during 2010 and 2x by the end of 2011, according to the agency.
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