International credit rating agency Standard & Poor's Ratings Services has announced that it has revised the outlook on its 'BB/B' long-term and short-term corporate credit ratings for Luxembourg-registered steel group ArcelorMittal to negative from stable.
S&P stated that the outlook revision reflects the further weakening of actual and forecast operating performance in very weak steel markets. According to the credit rating agency, current conditions are affected by destocking and the "wait and see" tactics of customers. Meanwhile, the operational performance of ArcelorMittal in late 2015 and the first half of 2016 is expected to be weak due to the prevailing weak steel demand and pricing in the group's core markets.