Moody’s downgrades Usiminas to Caa1

Moody's America Latina said it downgraded Usinas Siderurgicas de Minas Gerais SA’s corporate family ratings to Caa1 from B2 on the global scale and to Caa1.br from Ba2.br on the national scale.

The ratings remain on review for downgrade.

Moody’s said the downgrade to Caa1 reflects primarily the continued deterioration of the market fundamentals for steelmakers in Brazil and Usiminas' diminishing ability to generate cash flow from its operations, which increases liquidity pressures.

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