Moody's ups Ispat Inland, unit

Moody's Investors Service said it upgraded all senior secured ratings of Ispat Inland Inc. and its affiliate Ispat Inland ULC to B3 from Caa1.

Moody's upgraded Ispat Inland Inc.'s senior implied rating to B3 from Caa1, senior secured first-mortgage bonds to B3 from Caa1, senior unsecured issuer rating to Caa2 from Caa3, unsecured industrial revenue bonds to Caa2 from Caa3, Ispat Inland ULC's $650 million senior secured notes due 2014 and $150 million senior secured notes due 2010 to B3 from Caa1.

Moody's said the action is based on the company's significant improvement in profitability during the first half of 2004 from higher shipments, prices and the benefits of operating efficiencies attributed to recent capital investments.

Moody's said its upgrade is based on the recent improvement in Ispat Inland's operating income and Moody's expectation that improved performance will continue over the near term.

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