S&P ups Voto-Votorantim notes

Standard & Poor's said it raised its rating on Voto-Votorantim Overseas Trading Operations IV Ltd.'s notes to BBB from BBB-.

The upgrade follows the elevation of the long-term corporate credit ratings on Votorantim Participações SA to BBB from BBB-, the agency said.

In June 2005, Voto-Votorantim issued $400 million of notes on behalf of the Votorantim Group, the agency added, stating that the notes are partly protected from political risk by Credit Suisse, acting through its Cayman Islands branch.

The rating on Voto-Votorantim's notes does not address the ability of Voto-Votorantim or the guarantors to accelerate repayment of the notes due to certain events of default, including any cross-acceleration of other foreign currency debts of Voto-Votorantim, the guarantors, or any of their subsidiaries, the agency added.

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