|
|
Article: Fitch Downgrades Votorantim's IDRs to 'BBB-'.
- Article from:
- Business Wire
- Article date:
- September 11, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
CHICAGO -- Fitch Ratings has downgraded Votorantim Participacoes S.A.'s (VPAR) ratings as follows:
--Foreign currency and local currency Issuer Default Rating (IDR) to 'BBB-' from 'BBB';
--Senior unsecured guaranteed notes due 2014 and 2020 to 'BBB-' from 'BBB';
--National Scale Rating to 'AA+(bra)' from 'AAA(bra)'.
The Rating Outlook is Stable.
Downgrades Driven by High Leverage:
VPAR is a holding company for several subsidiaries that are organized under its industrial sub-holding company, Votorantim Industrial S.A. (VID), or its financial services sub-holding company, Votorantim Financas (VF). The downgrades are ...