LOS ANGELES - Standard & Poor's Corp. this week cautioned that a recent Oregon tax court decision could affect urban renewal agencies statewide by subjecting their bond-related tax collections to limits imposed by Measure 5.

If the Oregon Tax Court decision is upheld and extended to all urban renewal agencies, Standard & Poor's said it will examine its outstanding ratings on debt issued by those agencies. Concern may arise in instances where tax-rate cutbacks reduce the financial cushion for bond financings, Standard & Poor's added.

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