Fitch rates Votorantim notes BBB-

Fitch Ratings said it assigned a BBB- expected rating to Votorantim Cimentos Internatilonal SA subsidiary St. Marys Cement Inc.'s proposed senior unsecured notes issuance.

Votorantim Cimentos Internatilonal, a wholly owned direct subsidiary of Votorantim Cimentos SA, is seeking consent to exchange up to $500 million of its $1.15 billion 7¼% senior notes due in 2041 for newly issued 7¼% senior notes due 2041 to be issued by St. Marys Cement.

Concurrent with the exchange offer, Votorantim Cimentos Internatilonal is offering to purchase up to $650 million of its 2041 notes and/or a combination of its 2021 and 2022 notes.

“VCSA's ratings incorporate an expectation of continued financial support by parent company VSA despite decreasing legal linkages following this note exchange until its standalone credit profile is more commensurate with an investment grade rating,” the agency said in a news release.

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