Fitch rates NatSteel notes BB-

Fitch Ratings said it assigned an international foreign currency rating of BB- to the proposed $500 million perpetual notes to be issued by National Steel SA (NatSteel).

The rating of the notes reflects the financial strength of Companhia Siderúrgica Nacional, Vicunha's sole operating subsidiary, and the expectation that CSN's future free cash flow available for dividends will be sufficient to allow National Steel to service its debt obligations.

National Steel benefits from CSN's solid credit fundamentals, Fitch added.

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