Fitch affirms Votorantim

Fitch Ratings said it affirmed the foreign- and local-currency issuer default ratings of Votorantim Participacoes SA at BBB-, along with its AA+(bra) national scale rating.

The agency also said it assigned a BBB- foreign-currency issuer default rating to subsidiaries, Voto-Votorantim Ltd., Voto-Votorantim Overseas Trading Operations III Ltd., Voto-Votorantim Overseas Trading Operations IV Ltd. and Voto-Votorantim Overseas Trading Operations V Ltd. These companies are issuers of guaranteed debt.

The outlook is stable.

The ratings continue to reflect the strong, long-term underlying fundamentals of the company's industrial businesses, which are organized under its industrial subsidiary, Votorantim Industrial SA, Fitch said.

In addition to cement, the group is well positioned in zinc, nickel and aluminum due to its ownership of the rights to high-quality ore, the agency said, and its integrated operations, which include significant investments in energy.

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