Fitch revises Votorantim view to negative

Fitch Ratings said it revised Votorantim SA’s outlook to negative from stable while affirming the group’s long-term foreign- and local-currency issuer default ratings at BBB- and its national scale rating at AAA(bra).

“The negative outlook reflects the weakening of the operating performance of most of its subsidiaries, particularly Votorantim Cimentos SA (VCSA) and Nexa Resources SA (Nexa) as a result of the coronavirus pandemic. Further, it reflects the potential for significant weakness in construction activity in most of the company’s cement markets that could extend for a prolonged period and increasing leverage at some of its subsidiaries,” said Fitch in a press release.

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