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Bulletin: Companhia Siderurgica Nacional (CSN) Rating Unaffected By Acquisition Of Alfonso Gallardo May 11
Standard & Poors, May 2011
Abstract
SAO PAULO (Standard & Poor's) May 20, 2011--Standard & Poor's Ratings Services said today that its rating on Companhia Sider-rgica Nacional (CSN; BBB-/Stable/--) is not affected by the company's announcement of its acquisition of Grupo Alfonso Gallardo S.L.U. (not rated) for -543 million plus debt assumption of -403 million. In our view, the company's credit profile and strong cash position can accommodate some cash acquisitions. We believe that the acquisition, which is still subject to regulatory and antitrust approvals, will help diversify the company by assets and geography by strengthening its position in cement and long-steel production. CSN's liquidity position is strong. Its leveraged metrics are somewhat tight for the rating category, but CSN's commitment to sustain large cash reserves,...
Companies mentioned in this report are: Companhia Siderurgica Nacional (CSN)
Action: Bulletin
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.
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