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Brazil's CSN considers asset sale to further shed debt, but 'not under pressure'

Cia. Siderúrgica Nacional, or CSN, may opt to sell off its assets in a measure to further shed its outstanding debt, Reuters reported Feb. 8, citing director Luis Fernando Martinez.

The Brazilian steelmaker, however, is not under pressure as it bought enough time to consider the sale of its assets, as iron ore prices appreciated and it reached a deal with Banco do Brazil SA to outline the main terms of extending debt maturities.

The steelmaker is currently concluding debt restructuring talks with Caixa Econômica Federal, according to the report.

Previously, CSN sold metal packaging unit Cia. Metalic Nordeste to Can-Pack SA for US$98 million in August 2016.

On Feb. 1, S&P Global Ratings and Moody's upgraded their ratings for CSN, largely due to its debt refinancing deal.

However, S&P said the upgrade to the CCC+ global scale rating reflects the significant amount of debt coming due in 2019 and 2020, especially the US$750 million and US$1.2 billion senior unsecured notes.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.