Standard & Poor's Ratings Services said it lowered its underlying rating (SPUR) on Dinuba Redevelopment Agency (RDA), Calif.'s senior tax allocation debt outstanding to BBB-plus from A-minus. The outlook is stable.

"The downgrade reflects our assessment of previous management practices after the successor agency (SA) did not previously apply all available pledged tax revenue to debt service first, as required by the senior indentures, which resulted in a short-term draw on senior debt service reserves," said Standard & Poor's credit analyst Sussan Corson.

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