Moody’s Investors Service said it downgraded its rating to Aa3 from Aa2 on the Joint Building Authority of Lansing, Mich., and Ingham County’s Series 2005 refunding bonds. The action  affects $6.4 million of outstanding debt.

Debt service payments are secured by rental payments from the city and county to the authority.

The bonds are backed by Lansing’s limited-tax general obligation pledge, rated A1, and Ingham County’s limited-tax GO pledge, rated Aa2.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.