S&P gives Votorantim notes BBB

Standard & Poor's said it assigned its BBB rating to senior unsecured notes to be issued by Voto-Votorantim Ltd. The notes are to be guaranteed by its parent company, Votorantim Participações SA and subsidiaries.

The rating is the same as the corporate credit rating on Votorantim Participações because the group's cement and aluminum operations make up a significant portion of the consolidated entity's assets and cash flows, S&P said.

The ratings reflect an expectation that despite weak results in 2009, the group will significantly reduce its gross and net debt in 2010, the agency said.

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