Fitch Ratings said it has downgraded the ratings for the following stand-alone grant anticipation revenue vehicle (GARVEE) bonds, as follows: Alaska Railroad Corp. to BBB from A; Chicago Transit Authority to BBB from A; Georgia State Road & Tollway Authority to A-plus from AA-minus; Kentucky Asset Liability Commission to A-plus from AA-minus; Maine Municipal Bond Bank to A-plus from AA-minus; New Jersey Transit Corp. to BBB from A; Oklahoma Department of Transportation to A-plus from AA-minus; Rhode Island Economic Development Corp. to A-plus from AA-minus; California to to A-plus from AA-minus; North Carolina to A-plus from AA-minus; and Ohio to A-plus from AA-minus.

In addition, Fitch has upgraded Michigan's GARVEE bonds to A-plus from A and affirmed the A-plus rating on the Idaho Housing and Finance Association's outstanding GARVEE bonds.

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