Fitch rates Votorantim Cimentos bonds BBB-

Fitch Ratings said it assigned a BBB- rating to Votorantim Cimentos SA's $750 million bonds due in 2041.

These bonds have been fully and unconditionally guaranteed by Votorantim Participacoes SA and Votorantim Industrial SA.

The proceeds will be used to refinance existing debt.

The agency also said it affirmed Votorantim Participacoes' foreign-currency issuer default rating at BBB-, local-currency issuer default rating at BBB- and national scale rating at AA (bra).

Fitch also said it assigned a BBB- rating to Votorantim Cimentos, Votorantim Industrial and Companhia Brasileira de Aluminio. These ratings of have been directly linked to that of Votorantim Participacoes through the agency's parent and subsidiary methodology, Fitch said.

The outlook on Votorantim Participacoes has been revised to positive from stable. The other companies were assigned positive outlooks.

The outlook revision is a result of the strong performance of the company's industrial group during 2010, Fitch said.

The change also reflects the favorable near- and medium-term outlook for cement consumption in Brazil due to strong housing demand and major investments in infrastructure, the agency said.

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