S&P revises CSN outlook to stable

S&P said it revised its outlook for Companhia Siderurgica Nacional to stable from positive and affirmed the BB global and brAAA national scale ratings on the company and CSN Islands XII Corp.'s senior unsecured notes. S&P also affirmed the brAAA ratings on subsidiary CSN Mineracao SA and its senior unsecured debentures.

“The stable outlook reflects that we think CSN's adjusted debt to EBITDA will remain above 2.5x and funds from operations (FFO) to debt will be near 20%–even considering average iron ore prices at $120 per ton in 2023–because high interest, capital expenditures, and dividends will weigh on the company's adjusted debt levels,” the agency said in a press release.

The national scale outlook remains stable.

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