Indiana Finance Authority Series 2005 Environmental Improvement Revenue Refunding Bonds 'AA/A-1+' Rating Affirmed

NEW YORK (Standard&Poor's) Feb. 20, 2015--Standard&Poor's Ratings Services today affirmed its 'AA/A-1+' rating on Indiana Finance Authority's $51.48 million environmental improvement revenue refunding bonds series 2005 due June 1, 2035. Today's rating action reflects the Feb. 3, 2015, lowering of our long-term issuer credit rating on the obligor, ArcelorMittal, to 'BB/B' from 'BB+/B'. The long- and short-term components of our rating on the bonds are based on the joint credit and liquidity support provided by Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., (Rabobank Nederland, New York Branch; 'A+/A-1'), the letter of credit (LOC) provider, and ArcelorMittal ('BB/B'), the obligor, assuming a low correlation level between the LOC provider and obligor. The long-term component of our rating addresses the likelihood

...NEW YORK (Standard & Poor's) Feb. 20, 2015--Standard & Poor's Ratings Services today affirmed its '##/A-1+' rating on Indiana Finance Authority's $51.48 million environmental improvement revenue refunding bonds series 2005 due June 1, 2035. Today's rating action reflects the Feb. 3, 2015, lowering of our long-term issuer credit rating on the obligor, ArcelorMittal, to '##/B' from '##+/B'. The long- and short-term components of our rating on the bonds are based on the joint credit and liquidity support provided by Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., (Rabobank Nederland, New York Branch; 'A+/A-1'), the letter of credit (LOC) provider, and ArcelorMittal ('##/B'), the obligor, assuming a low correlation level between the LOC provider and obligor. The long-term component of our rating addresses the likelihood that bondholders will receive interest and principal payments when due if they do not exercise the put option. The short-term component of our rating addresses the likelihood...

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