Credit rating agency Fitch has downgraded the outlook of Brazilian steelmaker Companhia Siderurgica Nacional (CSN) from positive to stable.
The credit rating agency said the downgrade reflects a negative environment for “transformational transactions that would materially lower gross debt.”
Fitch said it has also affirmed the company’s foreign ratings at “B,” and national scale ratings at “BBB-(bra).”
On the other hand, CSN also has high “absolute and net debt levels.”
Fitch also assumed CSN would successfully rollover the remainder of its short-term debt with Brazilian banks, as it did recently with state-run Banco do Brasil (BB), as reported by SteelOrbis.