Gerdau S.A. -- Moody's downgrades Gerdau to Ba3; negative outlook

New York, February 05, 2016 -- Moody's Investors Service downgraded to Ba3 from Baa3 the ratings of the foreign currency debt issues of Gerdau Trade Inc (guaranteed by Gerdau S.A. and its operating subsidiaries in Brazil) and of the local currency debt issues of GTL Trade Finance Inc (guaranteed by Gerdau S.A. and its operating subsidiaries in Brazil), as well as the industrial revenue bonds issued by Jacksonville Economic Development Commission (guaranteed by Gerdau S.A.) and the solid waste disposal bonds issued by St. Paul Port Authority, MN (guaranteed by Gerdau S.A.). At the same time, Moody's has withdrawn Gerdau S.A. ("Gerdau")'s issuer rating and assigned a Ba3 corporate family rating. The outlook for the ratings is negative.

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