S&P Global Ratings on Oct. 10 affirmed the AMP-1 (Very Strong) rating on Votorantim Asset Management Distrib. de TVM Ltda. while subsequently withdrawing it at the company's request.

At the time, the rating continued to reflect the asset manager's clear corporate strategy, along with a wide variety of products managed by an experienced team, S&P said.

Changes in the company's professional organization chart due to a strategy change process last year have generated positive results, with S&P believing the company will continue with a management team prepared to maintain its position as one of the most relevant differentiated product managers in Brazil.

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