Standard & Poor's Ratings Services said it lowered the long-term and underlying ratings by one notch to A-plus from AA-minus on bonds issued for Vanderburgh County, Ind., by Evansville-Vanderburgh County Building Authority.
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The outlook is stable.
"The downgrade is based on the county's weakened budgetary flexibility and consecutive general fund drawdowns for operating purposes," said Standard & Poor's credit analyst Anna Uboytseva.
Securing the bonds are ad valorem property taxes levied against all taxable property within the county.
