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S&P downgrades Jefferson County, Ala., debt
Standard & Poor's said it lowered the underlying rating to CCC from B on Jefferson County, Ala.'s approximately $3.2 billion of sewer revenue debt. At the same time, the CreditWatch status of that rating was revised to developing from negative.
Separately, S&P said it lowered the standard long-term rating and underlying rating to A from A+ on the county's roughly $990 million of series 2004-A, 2005-A and 2005-B limited-obligation school warrants.
In a third action, S&P said it lowered the underlying rating to A from AA on the county's roughly $270 million of general obligation warrants; lowered the split rating to A/A-1 from AA/A-1+ on the county's 2001B warrants; and lowered the underlying rating on the Jefferson County Public Building Authority's series 2006 lease-revenue warrants to A- from AA-.
About $80 million of lease-revenue warrants were affected.
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