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sd-10-EFTA01385451Dept. of Justice

EFTA Document EFTA01385451

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3 January 2018 HY 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's USD-denominated bonds with a Buy rating owing to our belief that the company will benefit from increased cash flow in 2018 on the back of stabilizing to growing global demand trends and apply that cash to further deleverage the organization. MTNA's net

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Dept. of Justice
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sd-10-EFTA01385451
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