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Banco Votorantim S.A. Apr 02
Standard & Poors, April 2002
Abstract
The ratings on Banco Votorantim S.A. benefit from the implicit support from Votorantim Group (the Group; local currency BBB-/Negative; foreign currency BB-/Stable; Brazilian national scale brAAA). The ratings also consider the bank's strong brand-name recognition, conservative management style, and efficient decision-making process. In addition, Banco Votorantim shows better-than-average asset quality, and adequate liquidity and profitability. These positive features are partly offset by the potential risks associated with the treasury business, which has a considerable exposure to the sovereign risk through its securities portfolio; a relatively short operating track record; and the economic risks of the Brazilian banking system. The Votorantim Group is one of the largest and most influential industrial conglomerates in Brazil. Standard & Poor's believes that the Group...
Companies mentioned in this report are: Banco Votorantim S.A.,Votorantim Participacoes S.A.
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
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