CHICAGO - At least three of Ohio's six port authority bond fund programs are grappling with delinquent borrowers who are struggling to repay loans from the funds in the declining economy.

The possibility of increasing loan defaults prompted Fitch Ratings to place all six bond funds on rating watch late last year. On Friday, Fitch cut its rating two notches to BBB-minus, the lowest investment grade credit, from BBB-plus on the Toledo-Lucas County Port Authority's Northwest Ohio Bond Fund, noting that two of its borrowers are delinquent and that the weak economy could imperil other borrowers.

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