Fitch Ratings late last month downgraded Brentwood’s tax increment financing refunding and improvement revenue bonds issued for its Brentwood Square Project to BBB-plus from A-minus due in part to the project’s exposure to retail volatility. The action affects $9.3 million of outstanding debt sold in 2005.

“The downgrade reflects the volatility of the retail industry and potential for reduced sales tax revenues, especially given the current economic decline,” analysts wrote. “The retail district is small and heavily concentrated. However, it has an established history of revenue ­generation.”

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