BUSINESSTHE RIO TIMES
CSN Downgraded to Caa1 Ahead of a US$1.3bn Bond Swap
Moody’s downgraded CSN to Caa1 (equivalent to a CCC+ rating) with a negative outlook on 18 May 2026, citing weak liquidity and risk of a distressed exchange ahead of a US$1.3bn bond swap. The downgrade occurred months before any deal was finalized.
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