Credit rating agency Moody’s has upgraded the global scale corporate family ratings of Brazilian steelmaker Companhia Siderurgica Nacional (CSN) to Ba2 from Ba3. The steelmaker’s outlook is stable, the agency said.
Moody’s said the upgraded ratings reflect the company’s improved liquidity profile and leverage over the last few months. The agency also noted that such a profile increases its “financial flexibility to weather future volatility in operations and abates risks associated with a limited track record of conservative financial management.”
Recently, Fitch Ratings had also upgraded CSN’s ratings but on a positive outlook. The rationale of both credit ratings agency indicate CSN is in a good position to take advantage of Brazil’s improving domestic steel market.