Fitch upgrades Usiminas

Fitch upgrades Usiminas

Corporate & Sovereign Strategy Capital Markets Brazil

Fitch Ratings has upgraded Usinas Siderurgicas de Minas Gerais to B+ from B because of improvements to the steel producer's credit risk profile and growing operational cash flow generation. The Brazilian company has benefited from better commodity prices and volumes and become more efficient after closing its Cubatao plant, the rating agency said in a report. Usiminas has also improved its debt profile, while a recent shareholders agreement should result in a unified business strategy, Fitch a

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