S&P affirms CSN's BBB- rating

Ratings agency Standard & Poor's ( S&P) has affirmed its BBB- global scale and brAAA national scale ratings, including corporate credit ratings, for Brazilian steelmaker CSN (NYSE: SID). S&P raised its ratings on CSN's indirect controlling shareholder - National Steel - to BB+ from BB, the agency said in a release. The outlooks are stable. CSN has sustained sound profits despite fierce competition from imported steel, and strong liquidity that partially offsets its higher gross debt, according to the ratings agency. The ratings reflect the company's satisfactory business profile, significant financial risk profile and strong liquidity, S&P said. "The company has vertically integrated its operations into iron ore, energy and logistics," credit analyst Flávia Bedran said. "This and its strong liquidity partially offset its aggressive financial policy, sizable gross leverage, and exposure to volatile commodity demand and prices," she added. To read the full release, go to this link