S&P rates Siderúrgica Nacional notes BB+

Standard & Poor's said it assigned a BB+ senior unsecured debt rating to the proposed senior unsecured unsubordinated perpetual bonds to be issued by CSN Islands XII Corp., a wholly owned subsidiary of Companhia Siderúrgica Nacional, which will guarantee the perpetual notes.

The ratings reflect the company's significant financial policy and its satisfactory business profile, S&P said.

The ratings also factor as risks the company's relevant capital expenditure program and historical sizable dividends distribution, along with the exposure to the volatile demand and price of the industry's raw materials and

finished-products cycles, the agency said.

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