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Article: Fitch Takes Rating Actions on Votorantim Celulose e Papel (VCP) and Aracruz Celulose.
- Article from:
- Business Wire
- Article date:
- October 12, 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)
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CHICAGO -- Fitch Ratings has downgraded the Foreign currency and local currency Issuer Default Ratings (IDR) of Votorantim Celulose e Papel (VCP) as follows:
--IDR to 'BB' from 'BB+';
--National Scale Rating to 'A+ (bra)' from 'AA- (bra)'.
Fitch has simultaneously upgraded the following ratings of Aracruz Celulose S.A. (Aracruz):
--Foreign and local currency IDR to 'BB' from 'BB-';
--National Scale Rating to 'A+ (bra)' from 'A (bra)'.
The Rating Outlook for both VCP and Aracruz is Stable.