The South Carolina Heritage Trust was downgraded last week to A2 from A1 by Moody’s Investors Service because of “severe declines” in real estate values and transactions that provide revenue supporting bonds sold in 2006.

The downgrade affects $16 million of outstanding debt secured by state deed-recording fee revenue dedicated to the state’s Heritage Land Trust Fund, which is administered by the Department of Natural Resources. The bonds were issued for a land conservation project.

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