Moody’s upgrades ArcelorMittal

Moody’s Investors Service said it assigned a Baa3 long term issuer rating to ArcelorMittal.

The agency withdrew ArcelorMittal's corporate family rating of Ba1 and probability of default rating of Ba1-PD following its upgrade.

Moody's assigned a short-term issuer rating of P-3 and upgraded the group's senior unsecured instrument rating to Baa3 from Ba1, the short-term rating on its commercial paper to P-3 from NP, the senior unsecured rating on the company's medium-term note program to provisional Baa3 from provisional Ba1 and its other short-term rating to provisional P-3 from provisional NP.

The outlook is stable.

"Today's upgrade reflects our expectation that ArcelorMittal will continue to reduce leverage on the back of improved earnings and operating cash flow, and that it will preserve its strengthened financial profile by prudently managing any future investments and M&A," Gianmarco Migliavacca, vice president senior credit officer and lead analyst for ArcelorMittal, said in a news release.

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