Usiminas Lowered to Selective Default on Standstill Agreement

  • The steelmaker's issue-level rating was lowered to C
  • Company agreed to a 120-day standstill accord with banks

Usinas Siderurgicas de Minas Gerais SA had one of its its credit ratings lowered to selective default by Standard & Poor’s after the Brazilian steelmaker reached a standstill agreement with banks.

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