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S&P affirms Banco Votorantim's ratings

Standard & Poor's Ratings Services on April 27 affirmedits BB/B and brA+/brA-1 ratings on Banco Votorantim SA, its brA+/brA-1 ratings onVotorantim FinançasSA and its brA- rating on BV Leasing Arrendamento Mercantil SA's subordinated debt.

All the ratings remain on CreditWatch with negativeimplications, where they were placed in March.

The CreditWatch negative listing on Banco Votorantimreflects the same outlook attributed to its shareholder, Votorantim SA. S&Psaid it should resolve the bank's CreditWatch upon resolution of VotorantimSA's CreditWatch within the next 90 days.

A downgrade could occur if either Votorantim SA isdowngraded, given that the ratings on Banco Votorantim should remain capped onenotch below those on the shareholder, or if Votorantim Finanças' group statusas a moderately strategically important subsidiary is changed to nonstrategicas a result of its potential contingency liabilities reassessment.

S&P Ratings and S&PGlobal Market Intelligence are owned by S&P Global Inc.