Moody’s rates CSN notes B3

Moody's Investors Service said it assigned a B3 rating to the $750 million proposed senior notes due up to seven years to be issued by CSN Resources SA and unconditionally guaranteed by Companhia Siderurgica Nacional (B3 stable).

The outlook is stable.

The proposed issuance is part of CSN's liability management strategy and proceeds will be used to fund a tender offer of $750 million for CSN's notes maturing in 2019 and 2020.

“CSN's B3 ratings reflect the company's position as a leading manufacturer of flat-rolled steel in Brazil, with a favorable product mix focused on value-added products,” the agency said in a news release.

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