SAO PAULO (Standard&Poor's) Feb. 10, 2006--Standard&Poor's Ratings Services said today that the ratings assigned to Gerdau S.A. (BB+/Stable/--) are not affected by the announcement of the company's results in full-year 2005. The company reported $3.1 billion in total debt as of Dec. 31, 2005. Gerdau's liquidity remained robust by year-end 2005 (cash reserves of $2.3 billion versus short-term debt maturities at a low $569 million), which, coupled with a smooth debt payment schedule and an improved capital structure (with perpetual bonds issued in fourth-quarter 2005), also provide the company with some flexibility to manage its growth strategy (with significant capital expenditures projected for 2006 and beyond and potential acquisitions outside of Brazil). As expected, Gerdau's excellent
