Fitch downgrades $7.6 bln of Kentucky appropriation debt

Thu Nov 8, 2012 12:36pm EST

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Nov 8 (Reuters) - Fitch Ratings on Thursday downgraded to A-plus from AA minus its credit rating on $7.6 billion of appropriation debt issued by the Kentucky Infrastructure Authority, turnpike authority and other agencies.

"The downgrade reflects the commonwealth's continued use of deficit financing and budget stabilization reserves to balance the operating budget despite evidence of economic and revenue recovery, in the context of high long-term liabilities," the Wall Street credit agency said.

Fitch also revised its outlook on the debt to stable from negative, according to a news release.

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