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Bulletin: CSN Resources S.A. 2020 Senior Unsecured Notes ?BBB-? Rating Unchanged Following Reopening Jan 12
Standard & Poors, Jan 2012
Abstract
SAO PAULO (Standard & Poor's) Jan. 27, 2012--Standard & Poor's Ratings Services said today that its rating on CSN Resources S.A.'s bonds due 2020 remain unchanged following the company's announcement of a proposed reopening of the offering, which will increase the total amount of the issuance. The issue level rating on the senior unsecured notes remains 'BBB-'.The rating reflects our rating on its parent company, Brazil-based integrated steel producer Companhia Sider-rgica Nacional (CSN; BBB-/Stable/--) because CSN unconditionally and irrevocably guarantees the bonds. We do not expect CSN to increase its gross debt as a result of the additional bonds issuance; instead, we expect it to use the proceeds to improve its capital structure, by paying down short term debt as...
Companies mentioned in this report are: CSN Resources S.A.
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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