CSN Downgraded to Caa1 Ahead of a US$1.3bn Bond Swap

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…