Fitch Lowers VCP

Fitch Lowers VCP

Funds

Fitch has downgraded its credit ratings for Votorantim Celulose e Papel (VCP) to BB+ from BBB minus, it says. The Brazilian pulp and paper producer also remains on negative watch following the announcement that it had concluded negotiations with Arapar to acquire 28.03% of the voting capital of Aracruz for BRL2.71bn. “The downgrade reflects the leveraging impact on VCP's stand-alone capital structure due to the acquisition, as well as the very high debt burden of Aracruz,” Fitch says. VCP intend

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