Moody’s changes Votorantim view to stable

Moody’s Investors Service said it changed the outlook for Votorantim SA to stable from negative.

“The change in outlook to stable from negative was prompted by VSA’s stronger operating performance than initially expected at the beginning of the coronavirus outbreak when the company’s rating outlook was changed to negative. Accordingly, the company reacted quickly, implementing an aggressive contingency plan that included cost-cutting, reduction in capex, and dividend freeze, amongst other efficiency initiatives that resulted in a positive effect in EBITDA and cash generation,” Moody’s said in a press release.

Moody’s also affirmed Votorantim’s Ba1 global scale and Aaa.br Brazilian national scale ratings.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.