S&P rates Banco Votorantim notes BB

Standard & Poor's said it assigned its BB senior unsecured debt rating to the $200 million notes to be issued in September and maturing in 2016 by Banco Votorantim SA.

At the same time, the agency said it affirmed its BB long-term counterparty credit rating on the bank.

The outlook is stable.

S&P noted that the counterparty credit rating on Banco Votorantim incorporate the potential risks associated with the bank's treasury business, its exposure to sovereign risk through its government securities portfolio, a common issue for Brazilian banks and the risks associated with the volatile economic environment in Brazil that might cause asset quality deterioration following strong expansion of the loan portfolio.

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