Moody's cut CSN to Caa1 on 18 May 2026, setting up a private exchange offer of up to US$1.3bn that swaps 2028 notes for 11% 2030 notes.
Rio Business · Credit & Ratings, 2 August 2026
Key Facts
—The cut — Moody’s lowered CSN to Caa1, a deep-junk tier equivalent to a CCC+ rating, with a negative outlook on 18 May 2026.
—The trigger — Moody’s cited weak liquidity and the risk of a distressed exchange, months before any deal was made public.
—The swap — On 31 July 2026 CSN Inova Ventures opened a private offer to exchange 6.750% notes due 2028 for new 11.000% notes due 2030 plus cash.
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