S&P affirms Votorantim

Standard & Poor's said it affirmed its ratings, including the BBB global scale and brAAA national scale corporate credit ratings, on Votorantim Participacoes SA. The outlooks remain stable.

The agency said its ratings on the company reflect the group's satisfactory business profile, intermediate financial profile, and strong liquidity.

"VPar has sustained fairly stable margins despite weaker cash flows from its metal and steel divisions as high raw material prices pressured profits," said S&P credit analyst Flavia Bedran in a news release. "At the same time, VPar has gradually improved its financial profile by smoothing its debt maturities and sustaining strong liquidity, as an important cushion against market volatility, while sustaining somewhat tight credit metrics for the BBB rating category."

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