BRADENTON, Fla. — Moody's Investors Service downgraded the revenue bond rating of Alabama State University to A3 from A2, and said the rating could drop further when the final results of a forensic audit are known.

Moody's also lowered the lease revenue rating to Baa1 from A3 on Oct. 18.

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.