Moody's credit rating for Brazilian Companhia Siderúrgica Nacional (CSN) has been raised from B3 to B2. CSN has been working hard to improve liquidity since 2018, including US$3.55 million in debt negotiations with state-owned banks, issuing US$350 million in bonds, financing US$250 million from private banks to resolve debts due in 2019, and reissuing bonds due in 2023 to reach US$490 million.

Moody's credit rating indicated that CSN has been promoted to the leading Brazilian steel mill, but CSN must still consider a US$1 billion iron ore transaction classified as liquidity. If the transaction was successful, the company's debt situation will be reduced to further improve its credit.

Moody's believed that Brazilian overall steel market is gradually recovering, which should be beneficial to CSN's performance, such as improving cash flow and debt.