SAO PAULO (Standard&Poor's) Sept. 17, 2007--Standard&Poor's Ratings Services said today that it removed its 'BBB-' long-term corporate credit rating on Brazil-based steel maker Gerdau S.A. from CreditWatch, where it was placed with negative implications on July 11, 2007. The rating is also affirmed. The outlook is negative. "The rating actions reflect our expectations that despite the immediate increase in leverage due to Gerdau's acquisition of Chaparral Steel Co. for $4.22 billion, Gerdau's consolidated credit measures will rapidly improve to levels compatible with the rating category through a combination of stronger cash flows and some debt reduction," said Standard&Poor's credit analyst Reginaldo Takara. With the acquisition of Chaparral, Gerdau further improves its market position in
