Fitch rates Votorantim Celulose e Papel notes BB

Fitch Ratings said it assigned BB ratings to the proposed 2016 and 2019 notes to be issued by Fibria Overseas Finance Ltd., a wholly owned subsidiary of Votorantim Celulose e Papel.

The proceeds, which are expected to total $1 billion, will be used to refinance existing debt, Fitch said.

The ratings reflect the consolidated credit quality of the company and Aracruz SA, the agency said, and the company's strong business position.

Factors that could lead to consideration of a negative outlook or downgrade include a sharp and continued downturn in pulp prices, Fitch said.

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