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Banco Votorantim MTNs Rated 'BB-' Aug 05
Standard & Poors, Aug 2005
Abstract
SAO PAULO (Standard & Poor's) Aug. 1, 2005--Standard & Poor's Ratings Services today assigned its 'BB-' foreign-currency credit rating to Banco Votorantim S.A.'s $50 million medium-term, floating-rate notes, to be issued in August 2005 and maturing in five years. 'The ratings on Banco Votorantim S.A. incorporate the potential risks associated with the bank's treasury business; its exposure to sovereign risk through its government securities portfolio, a common issue for Brazilian banks; and the risks associated with the volatile economic environment in Brazil that might cause asset quality deterioration,' said Standard & Poor's credit analyst Daniel Araujo. The ratings benefit from the implicit support of the Votorantim Group (FC: BB-/Stable/--; LC: BBB-/Stable/--); the group's strong brand name; and the bank's good...
Companies mentioned in this report are: Banco Votorantim S.A.
Action: New Rating
Action: Outlook: Stable
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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