OREANDA-NEWS. S&P Global Ratings today affirmed and removed from CreditWatch negative its credit rating on Emblem Finance Co. No. 2 Ltd.'s series 2 (CLP5.082 billion CLP5.082 billion inflation-linked credit-linked notes series 2).

Today's affirmation follows our Sept. 1, 2016 affirmation of Votorantim S. A., which acts as a reference entity in the transaction (see "Votorantim 'BB+' Ratings Affirmed And Off Watch Negative; Outlook Negative").

Under our criteria applicable to transactions such as these, we generally reflect changes to the rating on the reference obligation in our rating on the notes (see "Global Methodology For Rating Repackaged Securities," published on Oct. 16, 2012).