Moody's affirms Usiminas; outlook stable

Moody's Investors Service said it affirmed the Baa3 global-scale and Aa1.br Brazilian national-scale senior unsecured issuer ratings of Usinas Siderúrgicas de Minas Gerais SA and all related debt ratings, and changed the outlook to stable from negative.

Affected ratings include the company's $500 million senior unsecured global MTN program with a Baa3 foreign currency rating and 500 million reais of local currency subordinated unsecured debentures due 2013 with a Ba1 (global-scale) and Aa2.br (Brazilian national-scale) as well as Cosipa Commercial Ltd.'s $200 million of senior unsecured notes due 2016, guaranteed by Usiminas, with a Baa3 foreign currency rating.

The rating action reflects the company's improved operating performance in light of enhanced market conditions for the global steel industry, particularly in Brazil which is Usiminas' main market, the agency said.

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