Standard & Poor's Ratings Services said it lowered to 'A+' from 'AA' its rating on the Morgan County Industrial Park and Economic Development Cooperative District, Ala.'s series 2009A taxable and series 2009B tax-exempt revenue bonds. The outlook is stable.

"The downgrade reflects our opinion of the weakened credit quality of the Tennessee Valley Authority, which is the source of the payments in lieu of taxes that secure the bonds, and our opinion about how these payments are incorporated into the authority's rates and that these payments are less likely to receive extraordinary financial support from the federal government," said Standard & Poor's credit analyst Russell Bryce.

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