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Fitch rates VM Holding notes BBB-
Fitch Ratings said it assigned an expected rating of BBB- to VM Holding SA's proposed benchmark-sized senior unsecured notes due in 2027.
The notes will be jointly and severally guaranteed by Votorantim Metais – Cajamarquilla SA, Companhia Minera Milpo SAA, which are both incorporated under the laws of the Republic of Peru.
Also guaranteeing the notes is Votorantim Metais Zinco SA, which is incorporated under the laws of the Federative Republic of Brazil.
Cajamarquilla, Minera Milpo and Votorantim Metais Zinco are fully owned subsidiaries of VM Holding, Fitch said.
These senior unsecured notes will rank equally with all of VM's existing and future senior unsecured indebtedness.
The proceeds will be used for debt refinancing and general corporate purposes, Fitch said.
The company currently has long-term foreign- and local-currency issuer default ratings of BBB-.
The outlook is stable.
VM Holding's ratings have been linked to those of its parent, Votorantim SA, the agency explained.
The negative outlook reflects the challenges the group faces in order to succeed with its de-leveraging by 2018, Fitch said.
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