S&P rates Banco Votorantim notes BB-

Standard & Poor's said it assigned its BB- foreign-currency senior unsecured debt rating to Banco Votorantim SA's $100 million medium-term fixed-rate note.

S&P said the counterparty credit ratings on Banco Votorantim (BB/stable/B) incorporate 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/-), 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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