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Bulletin: Usinas Siderurgicas de Minas Gerais S.A. Ratings Unaffected By Weak Fourth-Quarter 2011 Results Mar 12
Standard & Poors, March 2012
NEW YORK (Standard & Poor's) March 7, 2012--Standard & Poor's Ratings Services said today that its ratings on Brazil-based steelmaker Usinas Siderurgicas de Minas Gerais S.A. (Usiminas; BBB-/Negative/--) remain unchanged despite the company's weak operating performance in fourth-quarter 2011. High cash reserves of Brazilian reais (R$) 5.2 billion as of December 2011 and full availability under its $750 million revolving credit facility have been a key credit factor that sustains the company's net ratios in accordance with an "intermediate" financial profile, as our criteria define it, despite depressed margins and higher gross debt leverage. The negative outlook reflects the company's struggle to improve its credit metrics amid a weaker domestic market in second-half 2011, coupled with fierce competition from imported...
Companies mentioned in this report are: Usinas Siderurgicas de Minas Gerais S.A.
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Usinas Siderurgicas de Minas Gerais S.A.