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Banco Votorantim S.A. $250 Million Eurobond Rated 'B+' Nov 03
Standard & Poors, Nov 2003
Abstract
NEW YORK (Standard & Poor's) Nov. 13, 2003--Standard & Poor's Ratings Services said today that it assigned its 'B+' foreign currency long-term credit rating to Banco Votorantim S.A.'s $250 million Eurobond to be issued in November 2003, maturing in two years. The local currency credit ratings on the bank are 'BB/Stable/B' and the foreign currency credit ratings are 'B+/Stable/B'. The ratings on Banco Votorantim S.A. benefit from the implicit support of the Votorantim Group (local currency, BBB-/Stable/-; foreign currency, B+/Stable/-); the group's strong brand-name recognition; the bank's experienced management team; and efficient decision-making processes. The ratings also consider the potential risks associated with the bank's treasury business, with its exposure to sovereign risk through its securities portfolio, a common issue...
Companies mentioned in this report are: Banco Votorantim S.A.,Votorantim Participacoes S.A.
Action: New Rating
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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