Moody's ups Mittal Steel, Ispat

Moody's Investors Service said it assigned a Baa3 senior implied rating to Mittal Steel Company NV. The senior unsecured issuer rating was upgraded to Ba1. The outlook is stable.

At the same time, Ispat Inland's rating on its guaranteed secured notes was raised to Ba1 from B3, while the rating on Ispat Europe Group SA's guaranteed senior secured notes was upgraded to Ba1 from B3.

Moody's said the ratings upgrade reflects Mittal Steel's position as the world's largest steel producer, the group's strengthening track record and management's ability to date to successfully acquire and integrate operations, its strong cash flow generation and downside flexibility, the group's strong credit metrics and the expected continuation of the current cyclical upturn over 2005.

© 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.