S&P puts ThyssenKrupp on positive watch

S&P said it placed on CreditWatch positive its BB long-term corporate credit and senior unsecured ratings on ThyssenKrupp AG, as well as its B short-term rating on the group.

The recovery rating of 4 on the senior unsecured debt is unchanged and indicates that creditors can expect average (30%-50%; rounded estimate: 30%) recovery in the event of a payment default.

S&P said the CreditWatch placement follows the announcement that ThyssenKrupp has signed a memorandum of understanding with Tata Steel Ltd. (BB-/stable/--) in order to form a joint venture combining the European steel operations of both groups.

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