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Fitch gives Votorantim Cimentos notes BBB
Fitch Ratings said it assigned an expected rating of BBB(EXP) to Votorantim Cimentos SA's proposed senior unsecured €500 million notes due in 2022.
Proceeds will be used for general corporate purposes, including liability management.
The outlook is stable.
Votorantim Cimentos is a key operating subsidiary of Votorantim Industrial SA and has historically been the backbone of its parents rating (BBB).
During 2014, Votorantim Cimentos accounted for 50% of Votorantim Industrial’s EBITDA and 71% of its net debt. Votorantim Industrial had R$24 billion of total debt and R$7.5 billion of cash and marketable securities as of Dec. 31. During 2014, Votorantim Industrial generated R$7.1 billion of consolidated EBITDA, which represents an improvement from R$5.4 billion during 2013.
Votorantim Industrial’s funds from operations (FFO) adjusted net leverage ratio was 3 times during 2014 and its net debt/EBITDA ratio was 2.3 times. These represented improvements from 5 times and 3.1 times, respectively, in 2013.
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