Deutsche Bank Securities initiates a Buy rating on all USD-denominated bonds of ArcelorMittal (MTNA) due to expected increased cash flow and deleveraging. MTNA's net debt has declined by 45% over 5 years, and the company is likely to achieve investment grade ratings. Risks include M&A, Chinese demand, input costs, and regulatory changes.
doj/DataSet10/EFTA01385451.pdf
{"title":"ArcelorMittal (MTNA) Bond Investment Recommendation","document_date":"2018-01-03","document_type":"financial","key_locations":["Americas","Africa","Europe","CIS","Kazakhstan","South Africa","Ukraine"],"key_organizations":["ArcelorMittal","Deutsche Bank Securities Inc."]}