International rating agency Standard & Poor's (S&P) has revised the outlook of the global steel giant Luxembourg-based ArcelorMittal from ‘stable' to ‘negative', confirming the ‘BBB-' and ‘A-3' long- and short-term corporate credit ratings.
S&P stated that the ratings reflect the expectation that in 2012 the steel industry will not drop below the levels seen in the first nine months of 2011 and that current destocking activities will be short-lived.
The rating agency also indicated that the negative outlook might lead to a downgrade if the company is not able to reduce its debts.