Fitch affirms Votorantim

Fitch Ratings said it affirmed the BBB- foreign- and local-currency issuer default ratings of Votorantim Celulose e Papel as well as its AA (bra) national scale rating.

The outlook is stable.

Fitch said the ratings are supported by the company's strong business position and solid financial profile, its excellent cost structure and its ability to produce pulp cheaper than its peers.

For the 12 months ended Sept. 30, the issuer had a total debt-to-EBITDA ratio of 3.9 times.

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