Summary: Kentucky State Property&Building Commission Kentucky; Appropriations; General Obligation; Public Coll/Univ - Unlimited Student Fees; School State Program

Standard&Poor's Ratings Services has lowered its issuer credit rating on Kentucky to 'A+' from 'AA-' and its rating on the commonwealth's appropriation debt to 'A' from 'A+'. At the same time, Standard&Poor's has lowered its rating on debt backed by the commonwealth state aid intercept programs for schools and universities to 'A' from 'A+' and on lease debt issued by various Kentucky county public property corporations, backed by the appropriations from the Administration Office of the Courts (AOC) to 'A-' from 'A'. The outlook for all is stable. The downgrade reflects our view of Kentucky's substantially underfunded pension liabilities that are the result of chronic underfunding and that we view as placing long-term pressures on the

...Standard & Poor's Ratings Services has lowered its issuer credit rating on Kentucky to 'A+' from '##-' and its rating on the commonwealth's appropriation debt to 'A' from 'A+'. At the same time, Standard & Poor's has lowered its rating on debt backed by the commonwealth state aid intercept programs for schools and universities to 'A' from 'A+' and on lease debt issued by various Kentucky county public property corporations, backed by the appropriations from the Administration Office of the Courts (AOC) to 'A-' from 'A'. The outlook for all is stable. The downgrade reflects our view of Kentucky's substantially underfunded pension liabilities that are the result of chronic underfunding and that we view as placing long-term pressures on the state's finances. At the same time, Standard & Poor's assigned its 'A' long-term rating, with a stable outlook, to the Kentucky State Property & Building Commission's Judicial Branch Agency Fund revenue bonds, project number 109. The 'A' rating on the bonds...

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