Fitch: Usiminas' outlook rating remains "stable"
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Update time : 2020-06-23 16:26:40
Credit rating agency Fitch Ratings said that the outlook rating of Usiminas remains "stable".
Fitch confirmed that Brazilian sheet manufacturer Usiminas’ long-term foreign rating was BB-. The credit rating agency also said that although the COVID-19 epidemic caused a significant drop in plate demand, this rating reflected the "optimistic" iron ore pricing environment during 2020, which will help Usiminas generate positive free cash flow.
Fitch also pointed out that such ratings showed that Usiminas' absolute and relative debt levels were low, and its debt repayment status was under control.
Earlier last week, a senior member of ArcelorMittal’s Brazilian subsidiary said that the domestic long products market was least affected by the epidemic, while the plate market might face greater impact.
