Standard & Poor's Ratings Services said it lowered its long-term and underlying ratings to AA-minus from AA on Fayette County Board of Education, Ky.'s existing debt.

At the same time, Standard & Poor's assigned its AA-minus long-term rating to Fayette County School District Finance Corp., Ky.'s series 2013 school building revenue bonds, issued for the board. The outlook on all ratings is negative.

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