NEW YORK - Fitch Ratings said it downgraded to BBB from A-minus Riverside Public Financing Authority’s $8.3 million 2007 series A tax allocation bonds (TABs) (Downtown/Airport Merged Redevelopment Project), and $14.2 million 2007 series B TABs (Downtown/Airport Merged Redevelopment Project) (taxable). The rating outlook is stable.
Fitch also downgraded to BBB from BBB-plus Riverside PFA’s $89.1 million 2007 series C tax allocation bonds (TABs) (Arlington, Magnolia Center, Hunter Park/Northside, University Corridor/Sycamore Canyon Merged, La Sierra/Arlanza Redevelopment Project), and $40.6 million 2007 series C TABs (Arlington, Magnolia Center, Hunter Park/Northside, University Corridor/Sycamore Canyon Merged, La Sierra/Arlanza Redevelopment Project) (taxable). The rating outlook on these bonds is revised to negative from stable.
