Fitch Ratings last week stripped $40.1 million of Lake of the Ozarks Community Bridge Corp. bonds of their investment-grade status amid management’s refusal to raise tolls.
The refunding revenue bonds were issued in 1998 and most recently carried a BBB-minus rating. Fitch downgraded the debt to junk at BB-plus. The outlook is negative. The agency put the credit on negative watch last August.