Votorantim Participações S.A. 'BBB' Global, 'brAAA' National Scale Ratings Affirmed; Outlooks Remain Stable Dec 11
- Language: English
- Published: December 2011
- Region: Global
Broad diversification into several businesses, reducing the group's exposure to cyclicality and commodity volatility; Strong market shares in virtually all business segments in which the group operates; Consistently strong operating margins along economic cycles in Brazil; and Conservative financial policy based on high liquidity and prudent debt levels. Geographic concentration in its home market of Brazil, exposing it to the challenges of operating, planning, and funding its businesses in a more volatile market and financial environment; and Expansion into more volatile businesses, such as market pulp, orange juice, and banking, adds growth potential to the group's prospects, but also results in incremental financial leverage and/or higher exposure to sovereign risks. The ratings on Votorantim Group (Votorantim) reflect its adequate business...
Companies mentioned in this report are: Votorantim Participacoes S.A.,Banco Votorantim S.A.
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Research Type: Full Analysis
Votorantim Participacoes S.A.,Banco Votorantim S.A.