The City of Omaha's bond rating downgrade has prompted a similar move for the Omaha-Douglas County Public Building Commission.
The public agency that oversees the Civic Center, the Douglas County Hall of Justice and a nearby parking garage has been downgraded from an Aaa rating to Aa1 with a negative outlook by Moody's Investors Service.
The ratings agency said the lower rating “reflects the weakened underlying credit characteristics of the City of Omaha.” Moody's dropped the city's AAA rating by a notch last year. This year, the ratings agency Standard and Poor's also removed the city's top rating, citing concerns over underfunded pensions.
Paul Cohen, administrator of the building commission, said the drop won't have much of an immediate effect. His agency last issued a bond in 2010 and does not have any immediate plans for improvements that could require going back to the bond market.
Revenues from property taxes cover debt service on current bonds for the building commission, he said.