S&P affirms Arcelor

Standard & Poor's said it affirmed its BBB long-term corporate credit ratings on Arcelor SA and its subsidiary Dofasco Inc. and removed them from CreditWatch with developing implications.

The agency said that this follows the announcement by Mittal Steel Co. NV (BBB/stable) that 92% of Arcelor's shareholders have agreed to a merger with Mittal.

At the same time, the A-2 short-term corporate credit rating on Arcelor was affirmed and removed from CreditWatch with negative implications, S&P said, noting that the ratings reflect the credit quality of the enlarged Mittal-Arcelor group, which will have a financial profile that we consider to be weaker compared with Arcelor's current financial profile, offset by a strengthening of its standalone business risk profile.

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