S&P cuts Michigan's Genesee Cty Board of Road Commissioners rev notes

Oct 15 (Reuters) - Standard & Poor's Ratings Services on Monday said it cut the rating on series 2009 revenue notes issued by Michigan's Genesee County Board of Road Commissioners to AA-plus from AAA.

The downgrade reflects the county's falling debt service coverage levels that dropped to seven times from 10 times coverage due to the additional issuance of debt in 2010, the credit ratings agency said in a statement.

If debt services coverage levels continue to fall, S&P said it could lower the rating even further.

Genesee County is located 60 miles northwest of Detroit and is the state's fourth-largest county.