S&P rates Banco Votorantim notes BB-

Standard & Poor's said it assigned its BB- foreign-currency long-term credit rating to Banco Votorantim SA's (Nassau Branch) $50 million medium-term, fixed-rate note in Brazilian reais, to be issued in November and maturing in 18 months.

The local-currency counterparty credit ratings on the bank are BB/stable/B and the foreign-currency counterparty credit ratings are BB-/stable/B.

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 and the risks associated with the volatile economic environment in Brazil.

The ratings benefit from the implicit support of the Votorantim Group (BB-/stable/--; BBB-/stable/--), the group's strong brand-name recognition and the bank's good profitability, experienced management team and efficient decision-making processes.

© 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.