Moody's rates CSN Islands notes B1

Moody's Investors Service said it assigned a B1 foreign currency rating to $200 million in notes due January 2015 issued by CSN Islands IX Corp. The notes are guaranteed by Companhia Siderurgica Nacional.

Proceeds will be used for general corporate purposes and to refinance short-term debt.

Moody's also affirmed the company's Ba3 global local currency rating and A3.br national scale rating. The outlook is stable.

Moody's said the B1 foreign currency rating considers CSN's continued high level of debt employed in its capital structure, increasing raw material costs relative to metallurgical coal and coke requirements and higher capital spending program of $850 million planned over the period to 2007.

© 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.