Brazil-based conglomerate Votorantim Participa--es (VPar) consolidated most of its industrial operations into the holding company Votorantim Industrial (VID). We are assigning our 'BBB' global-scale and 'brAAA' national-scale corporate credit ratings on VID. The stable outlook reflects VID's solid operations thanks to strong cash flows from its cement operations, which compensated for the weaker results from its metals and steel businesses. On March 7, 2012, Standard & Poor's Ratings Services assigned a 'BBB' global-scale and 'brAAA' national-scale corporate credit ratings on Votorantim Industrial S.A. (VID). The outlook is stable. The ratings on VID mirror those on its parent company Votorantim Participa--es S.A. (VPar or the group), since our analytical approach to VPar's credit quality was to deconsolidate the results of Banco...
Companies mentioned in this report are: Votorantim Industrial S.A.,Cimpor Cimentos de Portugal, S.G.P.S. S.A.,Banco Votorantim S.A.,Fibria Celulose S.A.
Action: New Rating
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Product Type: Research Update
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