Luxembourg-registered steel group ArcelorMittal's issuance of equity and mandatory convertible bonds has improved its liquidity and reduced leverage. We are affirming our 'BB+/B' ratings on ArcelorMittal. We are assigning a 'B+' long-term rating to ArcelorMittal's $2.25 billion three-year mandatory convertible bonds. The outlook remains negative, reflecting that the credit ratios will remain below the level commensurate with the current rating in the next 12 months. On Jan. 11, 2013, Standard&Poor's Ratings Services affirmed its 'BB+' long-term and 'B' short-term corporate credit ratings on Luxembourg-registered steel group ArcelorMittal. The outlook remains negative. At the same time we assigned a 'B+' long-term issue rating to the $2.25 billion three-year mandatory convertible bonds (MCB) issued by ArcelorMittal. The rating affirmation reflects
