SAO PAULO (Standard&Poor's) May 11, 2006--Standard&Poor's Ratings Services said today that it affirmed its 'BB+' corporate credit rating on Brazil-based steelmaker Gerdau S.A. (Gerdau). At the same time, Standard&Poor's assigned its 'BB+' rating to the forthcoming $400 million bonds due 2016 to be issued by GTL Trade Finance Inc. (GTL), a wholly-owned indirect subsidiary of Gerdau. The outlook on the corporate credit rating is stable. The bonds will be unconditionally and irrevocably guaranteed by Gerdau, as well as by its main operating subsidiaries in Brazil (Gerdau Açominas S.A., Gerdau Aços Longos S.A., Gerdau Aços Especiais S.A., and Gerdau Comercial de Aços S.A.). Gerdau expects to use the proceeds partly for the repayment of existing
