Moody’s rates Votorantim notes Baa3

Moody's Ratings said it assigned a Baa3 rating to the planned $500 million of backed senior unsecured sustainability-linked notes due in 10 years to be issued by St. Marys Cement Inc. and guaranteed by Votorantim Cimentos SA. (

Votorantim's Baa3 issuer rating and the Baa3 rating of the outstanding backed senior unsecured debt issued by St. Marys Cement and Votorantim Cimentos International SA are unchanged, the agency said.

The issuance is part of Votorantim’s liability management strategy and proceeds will be used to fund a tender offer for its senior unsecured notes due 2027, thus not hurting the company's debt protection metrics, Moody’s said.

The notes' coupon will be linked to the performance of established sustainability performance targets set under Votorantim’s ESG goals, more specifically, absolute greenhouse gas emissions and thermal substitution, and will contain coupon step-up features.

The outlook remains stable.

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