Fitch view negative on Kentucky appropriation bonds

Fitch Ratings said it revised the outlook to negative from stable on $5 billion of appropriation bonds previously issued by Kentucky agencies.

At the same time, the AA- rating on that debt was affirmed.

Fitch also said it assigned an AA- rating to the Kentucky State Property and Buildings Commission's approximately $200.9 million of revenue and refunding bonds, Project No. 89.

The Project No. 89 bonds are expected to be offered by negotiation on April 29.

Fitch said the negative outlook reflects plans to continue to deplete fund balances and virtually drain the budget reserve trust in the state's new biennial budget.

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