On Dec. 3, 2012, Standard&Poor's Ratings Services raised its rating on Indiana Finance Authority's (the issuer's) environmental improvement revenue refunding bonds series 2005 (for the Ispat Inland Inc. projects) due June 1, 2035, to 'AA+/A-1+' from 'AA/A-1+' following the replacement of the letter of credit (LOC) that Royal Bank of Scotland ('A/A-1') had provided with a new LOC from Rabobank Nederland ('AA-/A-1+'). The 'AA+/A-1+' rating reflects our opinion of the joint credit and liquidity support that Rabobank Nederland and ArcelorMittal S.A. ('BB+/B') provide in the form of an irrevocable direct-pay LOC and a loan agreement, respectively. Under the LOC, Rabobank Nederland fully supports all bond payment obligations when the bonds are in the daily or weekly interest rate
