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(Reuters) – Ratings agency S&P on Wednesday placed its ‘BBB+’ long-term issuer credit rating on Nippon Steel Corp on negative credit watch after it clinched a deal to buy U.S. Steel for $14.9 billion in cash.
The acquisition is likely to result in a significant deterioration in Nippon Steel’s financial position because of a sharp increase in debt for investments, the agency added.
(Reporting by Urvi Dugar in Bengaluru)
