Standard & Poor's Ratings Services said it lowered its long-term rating one notch to A-minus from A on Brent Utilities Board, Ala.'s water and sewer revenue debt.
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The outlook is stable.
"The downgrade reflects our opinion of the system's mixed financial performance, as evidenced by fluctuations in total debt service coverage to inadequate levels in fiscal 2013, coupled with Brent's weak income levels that limit the system's revenue raising flexibility," said Standard & Poor's credit analyst Jose Razo.
