CHICAGO--(BUSINESS WIRE)--Fitch Ratings has downgraded the Long-term Foreign and Local currency Issuer Default Ratings (IDRs) of Companhia Siderurgica Nacional (CSN) to 'BB' from 'BB+' and National scale rating to 'AA-(bra)' from 'AA(bra)'. The Rating Outlook remains Negative. A full list of rating actions follows at the end of this release. The downgrade reflects deterioration in the company's capital structure due to high capex, weak demand for steel in Brazil, and a sharp decline in iron ore
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