S&P rates Votorantim notes BB-

Standard & Poor's said it assigned its BB- foreign-currency credit rating to Banco Votorantim SA's $100 million medium-term, floating-rate notes to be issued in July and maturing in three years.

S&P said the ratings on Banco Votorantim incorporate the potential risks associated with the bank's treasury business; its exposure to sovereign risk through its government securities portfolio, a common issue for Brazilian banks; and the risks associated with the volatile economic environment in Brazil that might cause asset quality deterioration.

The ratings benefit, however, from the implicit support of the Votorantim Group (FC: BB-/stable/--; LC: BBB-/stable/--); the group's strong brand name; and the bank's good profitability. The ratings also factor in the bank's experienced management team and efficient decision-making processes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.