EFTA01385451Set 10
2018-01-031p628w
Corporate Credit
HY Multi Sector,Media, Cable & Satellite
Recommendations & Relative Value
ArcelorMittal (MTNA): Initiating on all USD-denominated
bonds with Buy Ratings
Investment RatEonale
We initiate on all of MTNA ... growing global demand trends and apply that cash to
further deleverage the organization. MTNA's net debt has declined almost 45%
over the last 5 years and its bond ratings ... Management
continues to make achieving investment grade credit ratings its highest priority.
MTNA benefits from very strong leverage to increasing steel prices; hence,
with global pricing increasing
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01385451.pdf
EFTA01385448Set 10
2018-01-031p602w
IMMAI USD-denominated bards with Bu•; ratings R
We initiate on all of MTNA's USD-denominated bonds with a Buy rating owing Risks to the downside include ... credit ratings its highest priority. With a FCF yield greater than 20% amid MTNA's decision to achieve IG
minimal 1.5x net leverage and an almost entirely unsecured capital ... structure, ratings, softer global economic
we view MTNA as likely to achieve IG ratings at some point in the near-term. trends, regulatory changes and
Therefore we believe the bonds
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01385448.pdf