Fitch affirms Sidetur

Fitch Ratings said it affirmed Siderurgica del Turbio SA (Sidetur)'s foreign and local currency issuer default ratings at B-, its national scale ratings at BB+(ven) and its national short-term rating at F2(ven).

The agency said it also affirmed the ratings of Sidetur's $100 million 10% senior unsecured notes due 2016 issued through its wholly-owned subsidiary Sidetur Finance B.V. at B-/RR4.

The outlook is negative.

Fitch said Sidetur's ratings and negative outlook reflect the ongoing developments and uncertainty surrounding the expropriation of Sidetur's steel mills and related assets, and, in particular, the unknown dollar value that it will receive from the Venezuelan government for those assets.

The ratings and Outlook also take into consideration the uncertainty surrounding the timeliness of payment from the government, the agency said.

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