S&P affirms Banco Votorantim

Standard & Poor's said it affirmed a BB+/B global scale counterparty credit ratings and brAA+/brA-1 Brazil national scale ratings on Banco Votorantim SA.

The outlook remains stable.

The ratings reflect the bank's somewhat limited business profile, which still is very concentrated in consumer lending and lower profitability and weak efficiency ratio compared with its main competitors, S&P said.

Partially offsetting these risks are the bank's strong market position in auto finance and its experienced management team, the agency said, as well as the significant competition in the Brazilian banking sector.

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