VCP-Aracruz Ratings See-Saw

Apr 17, 2009

Moody's has upgraded Aracruz Celulose to Ba1 (negative) from Ba2 and cut Votorantim Celulose e Papel (VCP) to Ba1 (negative) from Baa3 after the latter bought the former for BRL5.42bn. “Despite its excessive leverage...

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