We have revised our benchmark iron ore price assumption to US$65 per ton in 2015 and 2016, given the well-supplied market. Consequently, we estimate that ArcelorMittal's EBITDA will likely fall short of our previous expectations and that the ratio of funds from operations to debt is likely to be closer to 15% than 20% in the next two years. We are therefore lowering our long-term rating on AcerlorMittal to 'BB' and affirming our 'B' short-term rating. The outlook is stable because we believe that ArcelorMittal has some flexibility and capacity to support the current rating. On Feb. 3, 2015, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Luxembourg-registered steel group ArcelorMittal to 'BB' from 'BB+'. The
