Votorantim Group Sep 03

  • ID: 1834882
  • September 2003
  • Standard & Poors
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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.
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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Votorantim Participacoes S.A.,Banco Votorantim S.A.

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