Fitch lowers ArcelorMittal

Fitch Ratings said it downgraded ArcelorMittal SA's long-term issuer default and senior unsecured ratings to BBB from BBB+. The short-term issuer default rating was affirmed at F2. Ratings were removed from Rating Watch negative.

The outlook is stable.

The downgrade reflects the significant negative impact of the current global recession on operating performance and credit metrics, according to the agency.

Ratings reflect the company's core strengths including its scale as the world's largest steel producer, leading market positions in most key steel consuming regions, significant product and geographic diversification, below-average operating cost positions and strong participation at all stages of the steel value chain, the agency noted.

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