BRADENTON, Fla. - Standard & Poor's lowered its underlying rating to A from A-plus on the Alabama Public Housing Finance Corp.'s 2003B bonds, citing ongoing reductions of capital program funds by Congress among the reasons.

The lower rating affects about $78 million of outstanding bonds issued by APHFC and insured by Assured Guaranty Municipal Corp. The outlook is stable, S&P said Dec. 30.

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