S&P: Banco Votorantim on watch

Standard & Poor’s said it placed the BB and B global scale ratings and brA+ and brA-1 national scale ratings on Banco Votorantim SA on CreditWatch negative, along with the brA- subordinated debt rating on BV Leasing Arrendamento Mercantil SA and brA+ and brA-1 ratings on Votorantim Financas.

The action followed a similar action on the bank’s shareholder, the Votorantim group.

The ratings are one notch above its stand-alone credit profile due to an assessment of the bank as a moderately strategic subsidiary of Votorantim SA, its ultimate parent, S&P said.

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