S&P rates Votorantim notes

Standard & Poor's assigned its B+ foreign-currency long-term credit rating to Banco Votorantim SA's $125 million fixed-rate notes.

S&P said the ratings on Banco Votorantim consider the potential risks associated with the bank's treasury business, its exposure to sovereign risk through its securities portfolio, a common issue for Brazilian banks, and the risks associated with the economic environment in Brazil.

The ratings also benefit from the implicit support of the Votorantim Group (foreign currency, B+/positive/--; local currency, BBB-/stable/--); the group's strong brand name recognition and the bank's good profitability, experienced management team and efficient decision-making processes, according to S&P.

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