S&P rates Voto-Votorantim notes BBB-

Standard & Poor's said it assigned a preliminary BBB- rating to Voto-Votorantim Overseas Trading Operations Ltd.'s (Voto) notes due 2020.

Voto will issue notes - amount to be determined - on behalf of the Votorantim Group, the agency said.

Credit Suisse will partially protect the notes from political risk, S&P added.

The rating reflects S&P's opinion that the transaction's structural elements mitigate sovereign exchange control risk, thereby resulting in a lower likelihood of default.

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