Rating On Indiana Finance Authority Series 2006 Raised To 'A/A-2' From 'A-/A-2'

NEW YORK (Standard&Poor's) Nov. 11, 2015--Standard&Poor's Ratings Services today raised 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 Oct. 6, 2015, raising of our long-term issuer credit rating on Banco Bilbao Vizcaya Argentaria S.A., the letter of credit (LOC) provider, to 'BBB+/A-2' from 'BBB/A-2'. 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 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

...NEW YORK (Standard & Poor's) Nov. 11, 2015--Standard & Poor's Ratings Services today raised 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 Oct. 6, 2015, raising of our long-term issuer credit rating on Banco Bilbao Vizcaya Argentaria S.A., the letter of credit (LOC) provider, to '###+/A-2' from '###/A-2'. 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 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...

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