Fitch upgrades CSN

Fitch Ratings said it upgraded Companhia Siderurgica Nacional's (CSN) long-term foreign and local currency issuer default ratings to BB- from B+ and its national scale ratings to A (bra) from A-(bra).

Fitch also upgraded the senior unsecured notes of CSN Inova Ventures, CSN Islands XII Corp. and CSN Resources that are all guaranteed by CSN to BB-/RR4 from B+/RR4.

The outlook remains positive.

“CSN's ratings reflect the company's solid iron ore business and strong Brazilian flat steel market position, as well as the cost competitiveness of these businesses,” Fitch said in a news release.

“The upgrades in ratings follow CSN's continued efforts to substantially strengthen its capital structure.”

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