Standard & Poor's Rating Services said it lowered its ratings on the Kentucky Economic Development Finance Authority's Subseries 2008A-1, Subseries A-2, and Series 2008B project revenue bonds issued for the Louisville Arena Authority Inc. to BB from BBB-minus.

At the same time, the rating agency assigned recovery ratings to the project revenue bonds of 3, indicating its expectation for meaningful (50% to 70%) recovery of principal if a payment default occurs. The outlook is stable. Assured Guaranty Corp. insures the senior bonds.

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