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Research Update: Votorantim Industrial S.A. Assigned ?BBB? Global-Scale And ?brAAA? National-Scale Credit Ratings, Outlook Stable Mar 12
Standard & Poors, March 2012
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
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Votorantim Industrial S.A.,Cimpor Cimentos de Portugal, S.G.P.S. S.A.,Banco Votorantim S.A.,Fibria Celulose S.A.