S&P affirms Banco Votorantim

S&P said it affirmed its BB- global scale and brAA-/brA-1+ national scale ratings on Banco Votorantim SA.

The outlook is stable.

The agency also affirmed the brAA-/brA-1+ ratings with a stable outlook on BV Leasing Arrendamento Mercantil SA and affirmed the brA subordinated debt rating.

S&P said the ratings reflect the bb- stand-alone credit profile, which is based on its diversified portfolio of products for the retail and wholesale markets and its broad national footprint.

The ratings also reflect the bank’s stronger bottom-line results, thanks to the successful implementation of its revenue diversification and operational efficiency strategy and the adjustment of risk controls in its consumer finance business, which improved its asset quality despite the still difficult lending conditions in Brazil, the agency said.

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