Standard & Poor’s last week lowered its underlying rating on the Galveston Community College District’s outstanding Series 2004 combined fee revenue and refunding bonds to BBB from BBB-plus and placed the rating on negative CreditWatch.

“The lowered rating and CreditWatch placement are a result from the damage from Hurricane Ike to the local economy and follows the recent downgrade to the city of Galveston,” said analyst Bianca Gaytan-Burrell.

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