S&P assigns NatSteel notes B+

Standard & Poor's said it assigned its B+ corporate credit rating to National Steel SA (NatSteel) while a B+ rating was also assigned to its forthcoming $500 million perpetual notes.

The outlook is stable.

The company is an indirect shareholder of Companhia Siderúrgica Nacional (CSN, local currency: BB/stable, foreign currency: BB-/stable and the agency said the rating on the perpetual notes reflects CSN's ultimate ability to upstream dividends to NatSteel throughout the layers of its corporate structure.

S&P added the rating is two notches lower than CSN's local-currency corporate credit rating to reflect structural subordination of the perpetual notes relative to CSN's own operating and financial obligations.

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