BRADENTON, Fla. - For the third time in two weeks, Jefferson County, Ala.'s $3.2 billion in sewer debt has been downgraded by Standard & Poor's - this time to CCC from B.

The rating agency late Thursday also cut most of the county's other ratings and placed them on credit watch negative. Those included lowering the county's general obligation rating to A from AA, lowering the sales tax bond rating to A from A-plus, downgrading lease revenue warrants to A-minus from AA-minus, and cutting short-term ratings to A1 from A1-plus.

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