Fitch affirms CAP

Fitch Ratings said it affirmed CAP SA's long-term foreign and local currency issuer default ratings at BBB- and national long-term rating at A+(cl).

Fitch also affirmed CAP's national equity rating at first class level 2(cl).

The outlook is stable.

The agency said CAP's ratings reflect its strong capital structure, solid operating cash flow generation and robust liquidity, together with its demonstrated resilience in periods of relevant price deterioration.

“CAP benefits from its production of high-grade iron ore pellets at a moderately low cost, in the second quartile of the global cost curve, in addition to the company's ability to adjust its product blend to meet market conditions,” Fitch said in a news release.

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