Fitch: CSN reopening at BBB-

Fitch Ratings said that CSN Resources SA has announced the reopening of its senior unsecured euro notes due 2020, which will carry the same rating as the original deal of BBB-.

The investment grade BBB- rating on the notes reflects the company's extremely strong liquidity and modest leverage, Fitch said.

The subsidiary of Companhia Siderurgica Nacional and issuer of the existing $1 billion euro notes will use proceeds from the add-on issuance of $500 million to repay short-term indebtedness, extend the maturity profile and for general corporate purposes, the agency added.

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