The rating agency Standard and Poor’s on Friday lowered given a rating of BB + from global steel giant ArcelorMittal, which exceeded market expectations at the operational level in the third quarter. “The confirmation of the note follows strong results in the third quarter,” said in a statement, the rating agency planned for October 3 to lower the rating of the Luxembourg-registered group
S & amp.; P matched the rating a negative outlook to justify by debt parameters “still low for this rating level,” combined with the risk of a decline in demand for steel in Europe and Brazil in 2015 and the potential continuation of the fall of the iron ore. “We could downgrade during the first half of 2015 if conditions in the steel industry deteriorated and if EBITDA (gross operating surplus) stagnated at about $ 7.5 billion or so of debt stopped decreasing, “says S & amp;. P
ArcelorMittal has maintained its objective” medium term “to reduce its net debt to $ 15 billion, even though it has continued to increase 17.8 billion at September 30, 400 million more than June 30 In the third quarter, the company posted a gross operating surplus of $ 1.9 billion, higher than market expectations which called for $ 1.81 billion. Ebitda and jumped 11% from last year.
In the first nine months of the year, EBITDA reached $ 5.4 billion (+ 9%), is approaching the annual target of “at least $ 7 billion.”
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