S&P upgrades Votorantim

S&P said it raised the global scale rating on Votorantim SA to BBB- from BB+.

Given a view that Votorantim Cimentos SA is a core subsidiary of the group, S&P said it also raised the global scale rating on the subsidiary to BBB- from BB+.

S&P also said it affirmed the brAAA national scale ratings on Votorantim.

The agency also said it raised the all of the issue-level ratings on both companies to BBB- from BB+.

The outlook is stable.

Some of the group's assets are still highly sensitive to the Brazilian economy, S&P explained.

The company's exposure to the banking business also may create a more severe contingent liability under a sovereign default scenario, the agency said.

That limits the ratings on the company to two notches higher than the weighted average foreign-currency rating on Brazil and Peru, S&P said.

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