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ArcelorMittal Committed To Keeping Credit Rating Despite Low Cost Of Downgrade

By Alex MacDonald LONDON--Steel giant ArcelorMittal (MT) remains committed to maintaining its investment grade credit rating--despite the relatively low cost incurred from a one notch downgrade--because it views the credit rating as important in its role as a consolidator of the industry, the company's chief financial officer said Wednesday. In order to "continue consolidating...the appropriate rating for our investment size is investment grade," Aditya Mittal told analysts in a conference call. ArcelorMittal has been seeking to reduce its debt in order to maintain its investment grade credit rating after Standard and Poor's said the company must reduce its adjusted debt, a metric that includes liabilities that aren't often apparent on the balance sheet, by about $11 billion to $30 billion in order to maintain its BBB-/A-3 long- and short-term corporate credit rating. So far the company has reduced its adjusted debt by $4 billion, Mittal said. He noted that the company remains committed to its investment grade even though the consequence of a one notch credit downgrade is equivalent to an additional $100 million in interest expenses. The company has reduced its adjusted debt through a combination of non-core asset sales and changes to pension plans as evidenced in the case of a change in the employee benefit plans for its Dofasco operations in Canada. -Write to Alex MacDonald at alex.macdonald@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Mittal Steel (MT)
DateTimeHeadline
04/17/201503:28:09ArcelorMittal SA Rating Lowered to Underperform at BNP Paribas...
04/10/201518:10:21Mining Companies Face Dangers From Criminal Gangs in Mexico
04/09/201514:56:23Report of Foreign Issuer (6-k)
04/07/201513:46:29Amended Report of Foreign Issuer (6-k/a)
04/03/201512:17:31Report of Foreign Issuer (6-k)
03/16/201514:12:56Report of Foreign Issuer (6-k)
03/02/201511:41:41Automatic Shelf Registration Statement of Securities of Well-known...
03/02/201510:24:50Report of Foreign Issuer (6-k)
02/27/201518:51:15Iron Ore Prices Continue To Weigh In On ArcelorMittal With No...
02/26/201513:57:14Amended Annual and Transition Report (foreign Private Issuer...
02/25/201512:36:51Report of Foreign Issuer (6-k)
02/25/201509:35:35Notice of Iran-related Disclosure Filed Pursuant to Section 13(r)(3...
02/24/201514:49:49Annual and Transition Report (foreign Private Issuer) (20-f)
02/23/201510:09:10The Finest Steel Must Endure The Hottest Fire
02/13/201514:27:23Report of Foreign Issuer (6-k)
02/13/201513:14:48ArcelorMittal Narrows Loss, Warns on Earnings -- 2nd Update
02/13/201512:23:46Correction to ArcelorMittal Expects Pressure From Iron Ore Prices...
02/13/201512:22:25ArcelorMittal Expects Pressure From Iron Ore Prices -- 2nd Update
02/13/201512:17:22ArcelorMittal Expects Pressure From Iron Ore Prices -- 2nd Update
02/13/201512:09:18Report of Foreign Issuer (6-k)

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