NEW YORK (Standard&Poor's) Nov. 15, 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-2' from 'A+/A-1'. Today's rating action reflects the Oct. 15, 2012, lowering of our long- and short-term issuer credit rating on Banco Bilbao Vizcaya Argentaria S.A. to 'BBB-/A-3' from 'BBB+/A-2'. The long- and short-term components of our rating on the series 2006 bonds are based on the joint support provided by Banco Bilbao Vizcaya Argentaria S.A.('BBB-/A-3'),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
