New York, February 03, 2016 -- Moody's Investors Service (Moody's) has today downgraded to Caa1 from B1 the foreign currency rating assigned to the senior unsecured notes of CSN Islands XI Corporation, CSN Islands XII Corporation and CSN Resources S.A. that are guaranteed by Companhia Siderurgica Nacional (CSN). At the same time, Moody's América Latina downgraded CSN's global scale rating to Caa1 and the National Scale Rating (NSR) to B2.br from Baa3.br. The outlook remains negative.

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