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S&P assigns Gerdau Trade notes BBB- rating
Standard & Poor's said it assigned its BBB- debt rating to Gerdau Trade Inc.'s proposed senior unsecured notes. The rating reflects S&P's rating on its parent company, Brazil-based steel producer Gerdau SA (BBB-/stable/--), because it unconditionally and irrevocably guarantees the notes.
"The ratings on Gerdau reflect our assessment of the company's 'satisfactory' business risk profile and 'intermediate' financial risk profile," S&P said in a news release.
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