Fitch revises Votorantim view to stable

Fitch Ratings changed Votorantim SA's outlook to stable from negative and affirmed its long-term foreign- and local-currency issuer default ratings at BBB- and its national scale rating at AAA(bra).

The agency also affirmed the ratings of Companhia Brasileira de Aluminio SA at BBB- revised the outlook to stable from negative, while the Outlook on Votorantim's national scale rating remains Stable.

“The revision of VSA's international rating outlook to stable reflects improvements in the credit profiles of VSA's subsidiaries, Nexa Resources SA (Nexa) and Votorantim Cimentos SA (VCSA), during the past year. Nexa continues to benefit from high zinc and silver prices, which should allow it to complete its Aripuana mine project without further increasing net debt,” Fitch said in a press release.

The agency also noted that VCSA boosted its EBITDA to $689 million in 2020 from $498 million in 2019.

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