Moody's raises Voto-Votorantim notes to Ba2

Moody's Investors Service said it upgraded the foreign currency rating of Voto-Votorantim Overseas Trading Op. III's $300 million senior unsecured guaranteed notes due 2014 to Ba2 from Ba3 and changed the outlook to stable from positive.

The rating action was prompted by Moody's upgrade of Brazil's long-term foreign currency ceiling for bonds and notes to Ba3 from B1, while maintaining the positive outlook.

The Ba2 foreign currency note rating reflect the creditworthiness of the Votorantim group and the operating company guarantors and the degree of sovereign interference anticipated in times of stress, the agency said.

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