On Nov. 20, 2007, Standard&Poor's Ratings Services raised its long-term corporate credit rating on Luxembourg-incorporated steel group ArcelorMittal (formerly Arcelor-Mittal) to 'BBB+' from 'BBB' on an improving financial risk profile. The outlook is stable. The upgrade reflects ArcelorMittal's strong free cash flow generation ($9.6 billion in the 12 months to Sept. 30, 2007), which results in favorable credit metrics and enables the group to finance its growth ambitions largely from internally generated cash. We no longer rate Arcelor S.A., as it has been fully integrated into the new entity ArcelorMittal. Strong cash flow generation helped the group to restore its credit metrics faster than initially expected after the transaction between Arcelor S.A. and Mittal Steel Co. N.V. (now
