Volatile iron ore and steel prices will continue to pressure CAP's profitability over the next few quarters, resulting in weak financial metrics. We are lowering our ratings on CAP to 'BB' from 'BB+'. We have removed the ratings from CreditWatch negative. The outlook is now stable, reflecting our expectation that the company's robust liquidity and cash flow protection measures will partly offset further price volatility, in the next few quarters. On March 21, 2016, Standard&Poor's Ratings Services lowered its corporate credit ratings on CAP S.A. to 'BB' from 'BB+'. We have also lowered the issue level rating on the company's senior unsecured bonds to 'BB' from 'BB+'. We have removed the ratings from CreditWatch negative. The outlook is
