Moody's lifts Voto-Votorantim notes to Ba1

Moody's Investors Service said it upgraded the foreign-currency rating of Brazil-based Voto-Votorantim Overseas Trading Op. III's $300 million senior unsecured guaranteed notes due 2014 to Ba1 from Ba2, while maintaining the stable outlook.

The upgrade was prompted by Moody's upgrade of Brazil's long-term foreign-currency ceiling for bonds and notes to Ba1 from Ba2.

The agency said the Ba1 rating reflects the creditworthiness of the Votorantim group and the operating company guarantors and the degree of sovereign interference anticipated in times of stress.

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