Moody's may boost Votorantim notes

Moody's Investors Service said it placed under review for possible upgrade the Ba1 foreign currency rating on Votorantim Overseas Trading Operations -- Voto III's $ 300 million guaranteed senior unsecured notes due 2014.

The notes are jointly, severally, unconditionally and irrevocably guaranteed by Votorantim Participacões SA (100% guarantee liability), Votorantim Celulose e Papel SA (guarantee liability limited to 15% of the outstanding amount of the notes), Votorantim Cimento Brasil Ltda. (guarantee liability limited to 45%) and Votorantim Metais Zinco Ltda. (guarantee liability limited to 40%), Moody's added.

While the group's diversified portfolio, cost-efficient operations, strong debt protection metrics and liquidity have been supportive of an investment-grade rating, its level of transparency and complex organizational structure have been major constraining factors, the agency said.

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