NEW YORK (Standard&Poor's) Aug. 10, 2012--Standard&Poor's Ratings Services today affirmed its ratings on two bond issues supported by ArcelorMittal letters of credit (LOCs) (see list). The long- and short-term components of our ratings on the series 2005 bonds are based on our long- and short-term issuer credit ratings on, as well as the joint support provided by, Royal Bank of Scotland PLC ('A/A-1'), the LOC provider, and ArcelorMittal ('BB+/B'), the obligor, assuming a low correlation level between the LOC provider and obligor. The long- and short-term components of our ratings on the series 2006 bonds are based on our long- and short-term issuer credit ratings on, as well as the joint support provided by, Banco Bilbao
