Moody’s gives CSN notes B3

Moody’s Investors Service said it assigned a B3 rating to the proposed senior notes that will be issued by CSN Resources SA and fully guaranteed by Companhia Siderurgica Nacional SA (CSN).

Net proceeds will be used for liability management, primarily the tender offer for the 2019 and 2020 senior notes, which together have a total amount outstanding of $1.95 billion.

The outlook is stable.

The agency said the ratings primarily reflect the conclusion of the refinancing of CSN's bank debt with Banco do Brasil SA and the expectation that the company will conclude the refinancing of its maturities with Caixa Economica Federal soon. Together, both banks hold a substantial portion of CSN's bank debt.

“The debt refinancing removes more immediate liquidity pressures and allows CSN to focus on additional measures to address the upcoming debt maturities,” Moody’s said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.