Fitch upgrades Usiminas

Fitch Ratings said it upgraded Usinas Siderurgicas de Minas Gerais SA's (Usiminas) long-term foreign and local currency issuer default ratings to BB from BB-, and its national scale rating to AA+(bra) from A+(bra).

In addition, Fitch raised the rating for the senior unsecured notes due 2026 issued by Usiminas International Sarl and guaranteed by Usiminas to BB from BB-.

“The rating upgrade reflects Usiminas' low absolute and relative debt levels, manageable debt amortization profile, and performance despite the pandemic and maintenance of a sound operating profile in the aftermath amid a positive steel environment in Brazil,” the agency said in a press release.

The outlooks for Usiminas' international foreign- and local-currency issuer ratings and its national scale rating remain stable.

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