Banco Votorantim S.A. Sep 10

Standard & Poors, September 2010

Abstract
Implicit support from shareholders Strong brand name recognition and good competitive position in auto finance Experienced management team and agile decision-making process Strong competition in the Brazilian banking sector Challenge to maintain business agility under a joint venture Riskier credit profile than peers' The ratings on Banco Votorantim S.A. (BV) reflect the challenges the competitive landscape in the Brazilian banking sector poses, a riskier profile than peers', and the bank's reliance on wholesale funding--a risk that it has significantly mitigated by associating with Banco do Brasil S.A. (BdB; foreign currency: BBB-/Stable/A-3; local currency: BBB-/Stable/--). Standard & Poor's Ratings Services sees the bank's ownership by Votorantim Participa--es S.A. (BBB/Stable/--) and BdB as positive because it enhances funding access and financial flexibility....

Companies mentioned in this report are: Banco Votorantim S.A.,Votorantim Participacoes S.A.,Banco do Brasil S.A,Votorantim Financas S.A.,BV Leasing Arrendamento Mercantil S.A.,St. Marys Cement Inc.,VCNA Nova Scotia ULC,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

Banco Votorantim S.A.,Votorantim Participacoes S.A.,Banco do Brasil S.A,Votorantim Financas S.A.,BV Leasing Arrendamento Mercantil S.A.,St. Marys Cement Inc.,VCNA Nova Scotia ULC,Votorantim Cement North America Inc.

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