S&P: Votorantim Industrial BBB

Standard & Poor's said it assigned a BBB global-scale and brAAA national scale corporate credit ratings on Votorantim Industrial SA.

The outlook is stable.

The ratings mirror those on its parent company, Votorantim Participacoes SA since the analytical approach to the group's credit quality was to deconsolidate the results of Banco Votorantim SA, in which Votorantim Participacoes has a 50% stake, S&P said.

Therefore, the assessment of the group's business and financial risks only incorporate its core industrial businesses, the agency said.

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