Bulletin: ArcelorMittal Guarantees Bond Issuance For AM/NS Calvert - S&P Global Ratings’ Credit Research

Bulletin: ArcelorMittal Guarantees Bond Issuance For AM/NS Calvert

Bulletin: ArcelorMittal Guarantees Bond Issuance For AM/NS Calvert - S&P Global Ratings’ Credit Research
Bulletin: ArcelorMittal Guarantees Bond Issuance For AM/NS Calvert
Published Jun 20, 2024
2 pages (1004 words) — Published Jun 20, 2024
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Abstract:

This report does not constitute a rating action. PARIS (S&P Global Ratings) June 20, 2024--The Industrial Development Authority of Mobile County in Alabama, United States, on June 1 issued $378 million U.S. tax-exempt bonds for AM/NS Calvert LLC, the Alabama-based joint venture of ArcelorMittal S.A. and Nippon Steel Corp. We rate the bonds at ?BBB-?, in line with our issuer credit rating on ArcelorMittal. Like similar transactions, the bonds are issued by the local authority (in this case, The Industrial Development Authority of Mobile County in Alabama, United States), while the borrower (via a loan agreement) is AM/NS Calvert. We understand that the bonds will be fully and unconditionally guaranteed by ArcelorMittal (100%), while the guarantee will rank pari-passu with

  
Brief Excerpt:

...June 20, 2024 This report does not constitute a rating action. PARIS (S&P Global Ratings) June 20, 2024--The Industrial Development Authority of Mobile County in Alabama, United States, on June 1 issued $378 million U.S. tax-exempt bonds for AM/NS Calvert LLC, the Alabama-based joint venture of ArcelorMittal S.A. and Nippon Steel Corp. We rate the bonds at `###-`, in line with our issuer credit rating on ArcelorMittal. Like similar transactions, the bonds are issued by the local authority (in this case, The Industrial Development Authority of Mobile County in Alabama, United States), while the borrower (via a loan agreement) is AM/NS Calvert. We understand that the bonds will be fully and unconditionally guaranteed by ArcelorMittal (100%), while the guarantee will rank pari-passu with other unsecured, unsubordinated obligations of ArcelorMittal. We view the impact of the guarantee as neutral on ArcelorMittal's financial risk profile....

  
Report Type:

Bulletin

Ticker
IST@NA
Issuer
ArcelorMittal
GICS
Steel (15104050)
Sector
Global Issuers, Structured Finance
Country
Luxembourg
Region
United States
Format:
PDF Adobe Acrobat
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: ArcelorMittal Guarantees Bond Issuance For AM/NS Calvert" Jun 20, 2024. Alacra Store. May 22, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-ArcelorMittal-Guarantees-Bond-Issuance-For-AM-NS-Calvert-3199997>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: ArcelorMittal Guarantees Bond Issuance For AM/NS Calvert Jun 20, 2024. New York, NY: Alacra Store. Retrieved May 22, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-ArcelorMittal-Guarantees-Bond-Issuance-For-AM-NS-Calvert-3199997>
  
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