Standard & Poor's Tuesday lowered its ratings on $36.5 million of outstanding debt held by the Reno Redevelopment Agency.

Analysts lowered the long-term rating and underlying rating to CC from BB on the agency's senior-lien 2007A taxable and 2007B tax-increment bonds. It also lowered the underlying rating to CC from BB-plus on the agency's Series 1998F superior-lien tax-increment bonds. Analysts gave the agency a developing outlook.

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