Research Update: S&PCORRECT: Banco Votorantim S.A. 'BB+/B' Ratings Affirmed; Outlook Remains Stable Apr 11

Standard & Poors, April 2011

Abstract
Brazilian bank Banco Votorantim has shown strong growth in its key markets, supported by brand recognition, efficient processes, and a better funding profile after the association with Banco do Brasil. We are affirming our 'BB+/B' global scale counterparty credit ratings and our 'brAA+/brA-1' Brazil national scale ratings on Banco Votorantim. The outlook remains stable, reflecting our expectation that the bank will improve operating efficiency and post returns on assets more in line with peers. On April 1, 2011, Standard & Poor's Ratings Services affirmed its 'BB+/B' global scale counterparty credit ratings and 'brAA+/brA-1' Brazil national scale ratings on Banco Votorantim S.A. (BV). The outlook remains stable. The ratings on BV reflect the bank's somewhat limited business profile, which is still...

Companies mentioned in this report are: Banco Votorantim S.A.,Banco do Brasil S.A,Votorantim Financas S.A.,BV Leasing Arrendamento Mercantil S.A.
Action: Affirmed

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Banco Votorantim S.A.,Banco do Brasil S.A,Votorantim Financas S.A.,BV Leasing Arrendamento Mercantil S.A.

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