Ratings agency Moody's has upgraded the global-scaled ratings of Brazilian flat steel producer Usiminas to B2 from Caa1, amid a gradual rebound in the national steel sector, the agency said on Wednesday January 24.
The firm's national-scale rating was also upgraded to Ba1.br from B3.br."The upgrade of Usiminas to B2 reflects primarily the conclusion of its debt renegotiation process with the amortization of the 2018 bonds... which removed liquidity pressures and allows the company...