Standard & Poor's on Friday revised its outlook to negative from stable on the Kentucky Economic Development Finance Authority's Louisville arena revenue bonds.

S&P affirmed its BBB-minus rating on $319 million of 2008A-1 fixed-rate bonds and 2008A-2 capital appreciation bonds, as well as $20.1 million of 2008B taxable fixed-rate bonds. Another $9.9 million of taxable subordinate fixed-rate bonds are not rated.

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