Research Update: ThyssenKrupp Ratings Still On Watch Neg After Defensive Moves By Arcelor Toward Mittal Bid Apr 06
- ID: 1710722
- April 2006
- Standard & Poors
On April 4, 2006, Standard & Poor's said that its 'BBB-/A-3' corporate credit ratings on Germany-based industrial conglomerate ThyssenKrupp AG (TK) remain on CreditWatch with negative implications. This follows the announcement by Luxembourg-based steelmaker Arcelor S.A. (BBB/Watch Dev/A-2) of plans to place its recently acquired Canadian-based steelmaker Dofasco Inc. (BBB/Watch Dev/--) into an independent foundation structure, as one of a series of defensive measures against a takeover bid by Netherlands-based steelmaker Mittal Steel Co. N.V. (BBB+/Watch Neg/--) for Arcelor. The creation of this structure with independent directors could make it more difficult for Mittal to dispose of Dofasco to TK if the bid for Arcelor succeeds. The CreditWatch placement on TK, however, continues to reflect its agreement to buy Dofasco...
Companies mentioned in this report are:
- ThyssenKrupp AG
- ArcelorMittal Dofasco Inc.
- Arcelor S.A.
Action: CreditWatch Update
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases. SHOW LESS READ MORE >