Moody’s Investors Service has lowered its rating on $83.9 million of revenue bonds issued by the University of Central Arkansas to A3 from A2 and put the credit on the watch list for further downgrades.

Located in Conway, about 30 miles north of Little Rock, the university has a total of $93.8 million of rated debt. Moody’s also assigned A3 ratings to the three series of revenue bonds issued in 2006 that were previously rated on the basis of bond insurance with Ambac Assurance Corp.

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