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S&P: Arcelor still on developing watch
Standard & Poor's said it kept its BBB long-term corporate credit rating on Arcelor SA on CreditWatch with developing implications.
The A-2 short-term corporate credit rating remains on CreditWatch with negative implications, the agency said, adding that this follows the announcement by Mittal Steel Co. NV that it is to increase its offer for Arcelor to €25.8 billion and raise the cash consideration to €7.6 billion from €4.8 billion.
S&P said that the CreditWatch placement continues to reflect uncertainty about whether the acquisition will proceed and, if it does, what the resulting group's financial profile and financial policy would be.
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