Fitch lowers Votorantim

Fitch Ratings said it has downgraded the issuer default ratings and national-scale rating for Votorantim Celulose e Papel: local currency issuer default rating to BB+ from BBB-; foreign currency issuer default rating to BB+ from BBB-; and national-scale rating to AA-(bra) from AA(bra).

The agency said that Votorantim remains on rating watch negative.

In conjunction with this rating action, Fitch said it has placed the following ratings of Aracruz Celulose SA on rating watch positive: local currency issuer default rating at BB-; foreign currency issuer default rating at BB-; and national-scale rating at A (bra).

Fitch said it took these rating actions following the announcement by Votorantim that it had concluded negotiations with Arapar to acquire 28.03% of the voting capital of Aracruz for 2.71 billion reais.

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