S&P ups Companhia Siderurgica Nacional

S&P said it raised the ratings on Companhia Siderurgica Nacional to B from B- on a lower leverage forecast. At the national level, S&P raised the ratings on the company to brA from brBBB+.

The agency also raised its issue-level ratings on CSN Islands XI Corp., CSN Islands XII Corp. and CSN Resources SA's senior unsecured notes to B from B-.

A spike in iron ore prices is helping the company deleverage faster than S&P had expected, it said.

In addition, the CSN helped cut its liquidity pressures by adding on to its 2023 bond and an iron ore prepayment deal with Glencore.

The outlook is stable and reflects S&P’s view the company will continue deleveraging.

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