Standard & Poor's (S&P) Ratings Services assigned a 'BBB' global-scale and 'brAAA' national-scale corporate credit ratings on Votorantim Industrial S.A. (VID). The outlook is stable, reflecting VID's solid operations thanks to strong cash flows from its cement operations, which compensated for the weaker results from its metals and steel businesses.

S&P stated: “We believe the still strong demand for cement will buoy its cash flows, which, coupled with its strong  cash position, should keep VID's leverage ratios stable. We don't expect a positive rating action in the short term, given the group's somewhat tight credit metrics for the 'BBB' rating category. Downward pressure on the ratings could occur if the group reports net debt to EBITDA consistently higher than 4x. An aggressive acquisitive strategy could also put downward pressure on the ratings.”