Fitch Ratings Tuesday downgraded to A from A-plus $114 million of Indian River County School Board’s outstanding certificates of participation. The rating outlook is stable.

The downgrade reflected weakened reserve levels, a sharp increase in unemployment, and a high foreclosure rate, Fitch said. “The A rating continues to reflect other solid underpinnings of the credit, including sound lease provisions, the essentiality of leased school building assets, adequate reserve levels, low debt levels, and moderate capital needs,” said a report by Fitch analyst Michael Rinaldi.

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