S&P lifts ArcelorMittal

S&P said it raised its long-term corporate credit rating on ArcelorMittal to BBB- from BB+ and assigned a stable outlook.

At the same time, the agency raised the short-term corporate rating to A-3 from B.

S&P also raised the issue-level ratings on ArcelorMittal's unsecured debt to BBB- from BB+. Because these ratings are now investment grade, the agency withdrew the associated recovery ratings.

ArcelorMittal has committed to continue reducing its net debt to $6 billion., which will further strengthen the resilience of its balance sheet through industry cycles, the agency explained.

The company has already reduced its debt materially, with reported net debt falling by $1 billion in 2017 to $10.1 billion as of Dec. 31.

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