Moody’s downgrades CSN to Caa1

Moody's America Latina said it downgraded Companhia Siderurgica Nacional SA’s (CSN) global scale ratings to Caa1 from B1 and the national scale rating to B2.br from Baa3.br.

The outlook remains negative.

Moody’s said the downgrade reflects primarily the low likelihood that CSN's operations and credit metrics will recover in the next 12 to 18 months and its unsustainable capital structure. Accordingly, the company will need to rely either on asset sales, a capital increase or a debt restructuring to reduce debt levels.

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