Sao Paulo, February 26, 2016 -- Moody's América Latina Ltda. downgraded Votorantim S.A's ratings to Ba2 from Baa3. At the same time, Moody's withdrew Votorantim S.A.'s ("Votorantim") issuer ratings and assigned a Ba2/Aa2.br corporate family rating. The outlook was changed to negative.

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