Moody’s rates Votorantim notes Baa3

Moody's Investors Service said it assigned a Baa3 foreign currency rating to the proposed $400 million senior unsecured notes due 2024 issued by Companhia Brasileira de Aluminio and fully and unconditionally guaranteed by Votorantim Industrial SA.

The outlook is positive.

Proceeds will be used to prepay part of the company's outstanding notes due 2019, 2020 and 2021 and to reduce gross debt.

Moody’s said Votorantim's Baa3 ratings are supported by the company's size and scale, as one of the largest conglomerates in Brazil, its diversified business portfolio in metals, cement, steel and pulp – which benefits from different end-market dynamics and from the cyclicality in any particular industry.

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