SAO PAULO (Standard&Poor's) June 4, 2007—Standard&Poor's Ratings Services said today that it raised its corporate credit rating on Brazil-based steel maker Gerdau S.A. (Gerdau) to 'BBB-' from 'BB+' and removed it from CreditWatch, where it was placed with positive implications on March 19, 2007. The rating on Gerdau's $600 million perpetual notes was also raised to 'BBB-'. The outlook on the corporate credit rating is stable. "The rating action reflects Gerdau's improving business and financial profiles, supported by the strengthening of the company's operation in North America (Gerdau Ameristeel Corp.; BB+/Stable/--), a more stable and benign domestic environment in its home country of Brazil, stronger market positioning in Latin America, and gradual business diversification into specialty
