Moody's lifts CSN

Moody's Investors Service said it upgraded the senior unsecured long term debt ratings of Companhia Siderúrgica Nacional and of CSN backed notes from Ba2 to Ba1.

Simultaneously, Moody's said it upgraded CSN's Brazil national-scale rating on its domestic market debentures to Aa1.br from Aa3.br.

The outlook is positive.

The ratings on CSN's foreign currency denominated notes are not constrained by Brazil's foreign currency country ceiling of Baa3, the agency noted, adding that the rating action reflects CSN's maintenance of strong debt protection metrics and liquidity in recent years in spite of elevated dividends and share buybacks and substantial ongoing investments to expand iron ore mining and logistics operations.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.