January 16, 2018 |
Moody’s said in a statement it upgraded Gerdau to Ba2 from Ba3 because of the steel maker's liability management efforts that have reduced debt.
In October, the company raised $650m in 4.875% 2027 bonds. It used $590m of the proceeds to buy back securities maturing in 2020, 2021 and 2024. Gerdau has also amortized $790m of its bonds due in October 2017 and announced the sale of its rebar operations in the US for $600m.
The rating agency said these factors had led to a faster than expected deleve
Brazilian steelmaker earns a bump to Ba2 from Ba3 because of efforts to reduce debt and sell non-core assets