June 21, 2021
Moody's has upgraded Votorantim by one notch to Ba3, restoring the Brazilian conglomerate to investment grade as a reward for paying down debt in recent years.
Votorantim has paid off $3.7 billion in debt since 2015, using strong cash flows as well as the proceeds from the initial public offering (IPO) of its metals and mining division Nexa Resources in 2017 and the sale of its stake in pulp and paper company Fibria in 2018, Moody's said in a report.
As a result, Votorantim's debt levels stood a
Rating agency rewards the Brazilian conglomerate for paying down $3.7 bln in debt since 2015