Moody’s Investors Service last week downgraded the Piatt County Building Commission’s lease revenue rating one level to Aa3 due to its high reliance on corporate-replacement tax revenue, which declined by 30% between fiscal 2008 and 2010.
The downgrade affects $5.8 million of debt. Moody’s also removed the rating from its watch list. It had placed the credit on watch due to a lack of sufficient current financial and operating information. The downgrade followed Moody’s review of the county’s new fiscal information.