Moody's upgrades CSN units to Ba3

Moody's Investors Service said it upgraded to Ba3 from B2 the ratings assigned to the senior unsecured notes of CSN Inova Ventures, CSN Islands XII Corp. and CSN Resources SA that are guaranteed by Companhia Siderurgica Nacional.

The upgrades follow Moody’s raising CSN’s ratings to Ba3 from B2 on improving its liquidity and debt profile, the agency said. A mining subsidiary completed its initial public offering, and CSN cut its gross debt by R$4 billion since the beginning of the year.

The outlook is stable.

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