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Brazilian CSN Structured Finance Transaction Ratings Affirmed; Off CreditWatch Negative
Standard & Poors, Feb 2007
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
NEW YORK (Standard & Poor's) Feb. 1, 2007--Standard & Poor's Ratings Services today affirmed its ratings on Companhia Sider-rgica Nacional's (CSN) future flow transactions (issued through CSN Islands VI Corp.). At the same time, the ratings were removed from CreditWatch, where they were placed on Nov. 17, 2006, with negative implications (see list). The CreditWatch removal and affirmation follow yesterday's rating actions on CSN. These actions reflected the completion of the auction process for Corus Group PLC (BB/Watch Neg/--), during which India-based steel manufacturer Tata Steel Ltd. (BB/Watch Neg/--) offered the highest bid, beating CSN's competing offer. Standard & Poor's affirmed its 'BB' foreign and local currency ratings assigned to CSN. (See 'Research Update: Ratings on Companhia Siderurgica Nacional Off...
Companies mentioned in this report are: CSN Islands VI Corp. (CSN),Corus Group PLC,Tata Steel Ltd.
Action: Affirmed
Action: Removed From CreditWatch
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