Moody's Investors Service said it has downgraded to Aa3 from Aa2 Fayette County School District Finance Corporation, Ky.'s lease revenue rating.

The corporation's outlook is negative. Moody's assigned a Aa3 rating and negative outlook to the corporation's $54.6 million school building refunding revenue bonds, Series 2013A and $35.5 million school building refunding revenue bonds, Series 2013B.

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