Moody's rates CSN notes Ba1

Moody's Investors Service said it assigned a Ba1 foreign-currency rating to the proposed issuance of up to $750 million in senior unsecured notes due 2019 by CSN Islands XI Corp. to be unconditionally and irrevocably guaranteed by Companhia Siderúrgica Nacional.

The agency assigned corporate family ratings of Ba1 on the global scale and Aa1.br on the Brazilian national scale.

The outlook is stable.

Proceeds will be used to refinance maturing debt and for general corporate purposes.

CSN's Ba1 rating reflects its position as a leading manufacturer of flat-rolled steel in Brazil, with a favorable product mix focused on value-added products, the agency said.

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