S&P downgrades Brazil's CSN to B+, outlook negative
SAO PAULO Jan 29 (Reuters) - Ratings agency Standard & Poor's on Friday downgraded Brazilian steelmaker Companhia Siderúrgica Nacional SA to "B+" from "BB-", citing a persistently weak steel market.
S&P also put CSN, as the company is known, on a negative outlook, signaling the company could be downgraded again in the near future.
"CSN faces domestic demand which continues to weaken and strong competition in markets overseas, which combined with its high leverage impacts its ability to generate cash," S&P said in a statement. (Reporting by Raquel Stenzel; Editing by Lisa Shumaker)
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