Luxembourg-registered steel group ArcelorMittal's performance in the last six months was below our expectations and its credit metrics remain below levels commensurate with our 'BBB-' rating. We factor into the rating, however, our expectation that the group will be able to decrease adjusted debt significantly in the next six months. We are affirming our 'BBB-/A-3' long- and short-term ratings on ArcelorMittal. The negative outlook reflects the likelihood that we will lower the ratings in the next six to 12 months if leverage doesn't decrease. PARIS (Standard&Poor's) May 31, 2012--Standard&Poor's Ratings Services said today it affirmed its 'BBB-/A-3' long- and short-term corporate credit ratings on Luxembourg-registered steel group ArcelorMittal and its guaranteed subsidiaries. The outlook is negative.
