Indiana Finance Authority Series 2006 Environmental Improvement Revenue Refunding Bonds Rating Lowered

NEW YORK (Standard&Poor's) Feb. 20, 2015--Standard&Poor's Ratings Services today lowered its rating on Indiana Finance Authority's $38 million environmental improvement revenue refunding bonds series 2006 due Aug. 1, 2030, to 'A-/A-2' from 'A/A-2'. 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 Banco Bilbao Vizcaya Argentaria ('BBB/A-2'), 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 that bondholders

...NEW YORK (Standard & Poor's) Feb. 20, 2015--Standard & Poor's Ratings Services today lowered its rating on Indiana Finance Authority's $38 million environmental improvement revenue refunding bonds series 2006 due Aug. 1, 2030, to 'A-/A-2' from 'A/A-2'. 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 Banco Bilbao Vizcaya Argentaria ('###/A-2'), 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 that bondholders will receive interest...

Ratings Action