Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Arcelor SA > News item |
S&P: Arcelor still on developing watch
Standard & Poor's said it kept its BBB long-term corporate credit rating on Arcelor SA on CreditWatch with developing implications, following the announcement by Arcelor that it has agreed to a revised takeover offer from Mittal Steel Co. NV (BBB+/Watch negative).
The A-2 short-term corporate credit rating on Arcelor remains on CreditWatch with negative implications, the agency said.
In the agency's view, the agreement by Arcelor's board of directors on Mittal's revised takeover significantly increases the likelihood that this transaction will proceed as proposed.
A degree of uncertainty about the eventual outcome, however, means that the ratings on Mittal and Arcelor remain on CreditWatch, S&P said, noting that this uncertainty is due to the pending vote from Arcelor's shareholders concerning the previously agreed merger of Arcelor with OAO Severstal (B+/Watch positive).
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.