NEW YORK (Standard&Poor's) May 14, 2012--Standard&Poor's Ratings Services today lowered its rating on Indiana Finance Authority?s $38 million environmental improvement revenue refunding bonds series 2006 (for the Mittal Steel USA Inc. project) due Aug. 1, 2030, to 'A+/A-1' from 'AA/A-1+'. The long- and short-term components of our rating on the bonds are based on the joint support provided by Banco Bilbao Vizcaya Argentaria S.A. ('BBB+/A-2'), the letter of credit (LOC) provider, and ArcelorMittal ('BBB-/A-3'), the obligor, assuming a low correlation level between the LOC provider and obligor. The long-term component of our rating addresses full and timely payments of interest and principal when the bondholders have not exercised the put option. The short-term component of our
