S&P puts Votorantim on watch

Standard & Poor's said it placed the BB+ global scale corporate credit ratings on Votorantim SA and Votorantim Cimentos SA on CreditWatch negative, along with the brAA+ Brazilian national scale credit rating on Votorantim.

The agency also said it revised the CreditWatch implications on Votorantim's issue-level ratings to negative from developing.

S&P said it assigned a recovery rating of 3H on these rated bonds, indicating 50% to 70% expected default recovery.

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