DALLAS — Fitch Ratings Thursday downgraded Baylor University’s fixed-rate revenue bonds as the private school prepares to issue up to $200 million in debt for a new stadium on its Waco, Texas, campus.

The rating was knocked down to A-plus from AA-minus. The outlook is stable. Ratings from Moody’s Investors Service and Standard & Poor’s had not been reported Thursday morning. In a $120 million deal earlier this year, S&P rated Baylor’s bonds AA-minus with a stable outlook.

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