Fitch rates CSN notes BB-

Fitch Ratings said it assigned a BB- foreign currency rating to Companhia Siderurgica Nacional's (CSN) $200 million 10-year notes issued Friday through its subsidiary, CSN Islands IX Corp.

CSN's foreign currency rating is constrained by the Federative Republic of Brazil's BB- foreign currency rating. Fitch affirmed CSN's local currency rating of BBB- as well as the company's national scale rating of AA-(bra). The outlook is stable.

The proceeds of the $200 million issuance will be used primarily to refinance upcoming debt obligations.

Fitch said CSN's ratings are supported by the company's position as one of the industry's lowest cost steel producers. The ratings also consider the concentrated nature of the Brazilian steel industry, which limits competition based solely upon price. Competition from foreign steel imports into Brazil is minimal.

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