Not on my notch

21 February 2003

The German steelmaker is the first European company to be hit by changes to the rating agency s approach. But it won t be the last.

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Standard & Poor's cut ThyssenKrupp's longterm credit rating to "junk". The credit rating agency cited ThyssenKrupp's unfunded pension liabilities as the reason for the cut to BB+ grade. The German steel company's shortterm rating was cut to B from A2.

In response ThyssenKrupp criticisd S&P's decision, saying that its financial situation had improved not declined since its rating was first issued two years ago.

S&P's move follows its decision 11 days ago to put 10 companies, including ThyssenKrupp, on credit watch because of their pension liabilities. These were: Arcelor; Michelin; Deutsche Post; GKN; Linde; Pilkington; Portugal Telecom; RollsRoyce; TPG, J Sainsbury; and BAe Systems.

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