Fitch Ratings downgraded San Jose redevelopment bonds four notches Tuesday, lowering $1.7 billion in San Jose Redevelopment Agency tax allocation bonds to BBB-minus from A. At the same time, the agency’s housing set-aside tax allocation bonds were downgraded to A from A-plus.

The city’s redevelopment areas have experienced declining property tax assessments, reducing the revenue it receives from property tax.

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