S&P rates Votorantim notes BBB

Standard & Poor's said it assigned a BBB rating to the senior unsecured notes to be issued by Voto-Votorantim Ltd. The notes are to be guaranteed by its parent company, Votorantim Participacoes SA and subsidiaries, Votorantim Cimentos Brasil SA and Companhia Brasileira de Aluminio.

The proceeds of the notes will be used to refinance existing debt.

The rating is the same as its corporate credit rating because the group's cement and aluminum operations make up a significant portion of the consolidated entity's assets and cash flows, S&P said.

The ratings reflect an expectation that, despite weak results in 2009, the group will significantly reduce its gross and net debt in 2010, S&P said.

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