Moody's Investors Service said it has downgraded to Ba1 from Baa3 the rating on Arkansas City Public Building Commission, Kan.'s revenue bonds.

The Ba1 rating applies to $22.8 million in outstanding debt. The bonds are secured by unconditional lease payments from the city of Arkansas City that are not subject to appropriation. The city plans to make payments from the net revenues of the South Central Kansas Medical Center per a pledge of revenues agreement.

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