• 1-800-526-8630U.S. (TOLL FREE)
  • 1-917-300-0470EAST COAST U.S.
  • +353-1-416-8900REST OF WORLD
Votorantim Participacoes S.A. Apr 08 Product Image

Votorantim Participacoes S.A. Apr 08

  • ID: 1833249
  • April 2008
  • Standard & Poors

FEATURED COMPANIES

  • Banco Votorantim S.A.
  • CPFL Energia S.A.
  • MORE

Abstract
Business diversification and strong market shares; Solid operating margins through economic cycles; High cash liquidity; and Increasing exports and revenues outside Brazil. Geographic concentration in Brazil; Expansion into the more volatile banking business; High capital expenditures consuming free cash flows; and Subpar corporate governance practices. The ratings on Votorantim Participações S.A. (VPar) reflect its broad business diversification in segments in which the group benefits from strong fundamentals, resulting in stable operating margins and resilient cash flows. The rating also reflects VPar's moderate financial policy, characterized by very strong liquidity and low net debt levels. These positives are balanced by VPar's high geographic concentration; ambitious growth plans; relatively high gross debt leverage; and mounting exposure to financial businesses, which are, on...

Companies mentioned in this report are:
- Votorantim Participacoes S.A.
- Brazil (Federative Republic of)
- CPFL Energia S.A.
- Banco Votorantim S.A.
- Votorantim Cement North America Inc.

Action: Review

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: Full Analysis

Note: Product cover images may vary from those shown

- Votorantim Participacoes S.A.
- Brazil (Federative Republic of)
- CPFL Energia S.A.
- Banco Votorantim S.A.
- Votorantim Cement North America Inc.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

RELATED PRODUCTS