ArcelorMittal intends to issue optionally deferrable and subordinated perpetual capital securities to strengthen its balance sheet. We assess the proposed securities as having intermediate equity content, according to our criteria. We are assigning our 'B+' issue rating to the proposed securities to reflect their subordination and optional deferability. PARIS (Standard&Poor's) Sept. 24, 2012--Standard&Poor's Ratings Services said today that it had assigned its 'B+' long-term issue rating to the proposed optionally deferrable and subordinated perpetual capital securities, to be issued by Luxembourg-registered steel group ArcelorMittal (BB+/Negative/B). We consider that the proposed securities have "intermediate" equity content because they meet our criteria requirements of sufficient subordination and permanence, and the coupons are deferrable at the company's discretion. The
