aeWe are very excited to introduce this fantastic new software to Bahrain for the first time,E explained Jeremy Gray, sales director of VPAR
Interpreting R-4 is more complicated because it involves the interplay of both DREPUB and VPAR
2 is a single name CLN transaction designed to provide credit protection on the VPAR
with a reference amount of CLP5,082,000,000 (USD10 million).
The 2041 notes are guaranteed by VPAR
and VID, while the 2019 and 2021 notes are guaranteed by VCSA and VPAR
The Rating Outlook for VPAR
has been revised to Positive from Stable.
The Rating Outlook for all of the aforementioned issuers, as well as VPAR
, is Stable.
These notes will be issued through VPAR
's subsidiary, Voto-Votorantim Limited, a Cayman Island company, and will be unconditionally and irrevocably guaranteed by VPAR
, as well as jointly and severally by its subsidiaries Votorantim Cimentos Brasil S.
A key consideration in assigning a 'BBB-' rating to the VPAR
issuance is the company's strong long-term underlying fundamentals of its industrial businesses, which include: 1) being the largest cement producer in Brazil, which is the sixth largest cement market in the world; 2) enjoying competitive advantages in the non-ferrous metals zinc, nickel and aluminum due to high-quality ore and integrated operations; and 3) having joint control of the lowest cost market pulp producer in the world, which is nearly twice as large as the second largest producer.
has taken several steps with a goal of decreasing its overall leverage and returning the ND/EBITDA ratio of VID to below 3.
is the holding company that controls operating subsidiaries and is in turn controlled by the Ermirio de Moraes family.
Platforms Supported: VMWare[R] ESX, Sun[R] Solaris[TM] 10 Zones, Microsoft[R] Virtual Server, Linux[R] XEN, IBM[R] AIX[R] LPAR, HP-UX VPAR
has made important investments in electric power generation facilities, including concessions to operate 35 power plants (31 hydroelectric and 4 thermoelectric) in Brazil and a 50% equity stake in VBC Participacoes S.