S&P lifts Ispat Inland secured notes from junk

Standard & Poor's said it raised its long-term corporate credit and senior secured debt ratings on United States-based Ispat Inland Inc. to BBB- from BB-, one notch below the ratings on its parent company, Netherlands-registered steel group Mittal Steel Co. NV (BBB/Watch positive/--).

All ratings remain on CreditWatch with positive implications.

At the same time, S&P assigned its BB+ rating to Ispat Inland's senior unsecured debt and placed it on CreditWatch with positive implications.

S&P said the rating actions on Ispat Inland follow reviews of the company's stand-alone credit strength and its economic and strategic importance to the stronger Mittal Steel group. The CreditWatch status of Ispat Inland reflects the possibility of a further upgrade if the ratings on the parent company are raised on completion of the acquisition.

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