S&P affirms Companhia Siderurgica Nacional

Standard & Poor's said it affirmed its BB long-term corporate credit rating on Companhia Siderurgica Nacional.

The outlook is stable.

S&P said that the rating affirmation follows Companhia Siderurgica Nacional's announcement that it reached an agreement to purchase Cia de Fomento Mineral e Participações for $440 million.

The acquisition was made by Companhia Siderurgica Nacional's wholly owned mining subsidiary, Nacional Minérios SA (unrated), S&P noted, adding that the acquisition fits with CSN's endeavors to diversify into the more stable iron ore business, originally bolstered by the ongoing expansion of its proprietary iron ore mine, Casa de Pedra.

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