Moody’s changes Votorantim to stable

Moody's Investors Service said it changed the outlook for Votorantim Participações SA and related ratings to stable from positive.

At the same time, the agency affirmed Votorantim's Baa3 senior unsecured rating, and the Baa3 ratings on the foreign currency debt issues of Companhia Brasileira de Alumínio (guaranteed by Votorantim).

Simultaneously, Moody's America Latina affirmed Votorantim's Baa3 global scale local currency rating and Aa1.br national scale rating.

Moody’s said the outlook reflects its expectations that market conditions for cement producers in Brazil and Europe will remain challenging, and that zinc, nickel and aluminum prices will continue to be pressured by weakening global macroeconomic growth indicators.

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