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Moody’s could lower Votorantim
Moody's America Latina said it placed Votorantim Participacoes SA's Baa3 issuer rating and related ratings under review for downgrade.
At the same time, Moody's Investors Service the Baa3 rated foreign currency debts guaranteed by Votorantim and its subsidiaries and issued by Companhia Brasileira de Aluminio under review for downgrade.
In addition, it placed Votorantim Cimentos SA's Baa3 senior unsecured rated debt and issuer rating under review for downgrade.
"The review of Votorantim's ratings was prompted by Moody's rating action on December 9, 2015 that placed Brazil's Baa3 government bond rating under review for downgrade," Moody's vice president and senior analyst Marcos Schmidt said in a news release.
"The review will focus on the result of Brazil's sovereign rating review process and on Votorantim's correlation to the Brazilian economy and its impacts on the company's credit metrics, liquidity and foreign-exchange exposure."
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