TEXT-S&P rates ArcelorMittal's proposed sub perpetual notes 'B+'
(The following statement was released by the rating agency)
Sept 24 -
-- ArcelorMittal intends to issue optionally deferrable and subordinated perpetual capital securities to strengthen its balance sheet.
-- We assess the proposed securities as having intermediate equity content, according to our criteria.
-- We are assigning our 'B+' issue rating to the proposed securities to reflect their subordination and optional deferability.
Standard & Poor's Ratings Services said today that it had assigned its 'B+' long-term issue rating to the proposed optionally deferrable and subordinated perpetual capital securities, to be issued by Luxembourg-registered steel group ArcelorMittal (BB+/Negative/B).
We consider that the proposed securities have "intermediate" equity content because they meet our criteria requirements of sufficient subordination and permanence, and the coupons are deferrable at the company's discretion.
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