Zeebiz.com
New York, Aug 03: Standard & Poor's Ratings Services on Thursday cut its long-term debt for ArcelorMittal to junk status, saying that uncertainty about the debt reduction plans of the world's largest steelmaker and a weak sector outlook meant it could cut further.
S&P lowered its long-term rating for the world's largest steelmaker to ''BB+'' from ''BBB'' and short-term rating to ''B'' from ''A-3.'' The outlook is negative.
S&P said the downgrades reflect the weaker global steel industry environment and economic prospects, particularly in Europe, which prompted the ratings service to cut its profit predictions for the Luxemburg-based company for the rest of this year and 2013.