SAO PAULO (S&P Global Ratings) April 26, 2019--S&P Global Ratings assigned today its 'brAAA' Brazil national scale issue-level rating to Gerdau S.A.'s (global scale: BBB-/Positive/--; national scale: brAAA/Stable/--) proposed R$1.4 billion senior unsecured debentures. The proposed debt is divided into two tranches of R$600 million and R$800 million, due 2023 and 2026, respectively. The rating on the notes is the same as the issuer credit rating. Leverage should remain unaltered as the company plans to use the proceeds to reinforce its cash position. The positive outlook on Gerdau's issuer credit rating reflects our expectation that the company will sustain its EBITDA margin through the cycle and that it's committed to maintain lower leverage than in the past few years, resulting
