The lowered ratings means Reedy Creek may have to pay slightly higher interest rates on infrastructure bonds in the near future. As the economy and the balance sheet of Walt Disney World improve, Reedy Creek could win a higher grade.

S&P is giving $200 million in road construction bonds an A, down from A-plus. Another $500 million in utility revenue bonds is getting an A-minus, down from an A.

The downgrade follows a similar lowered ranking on Burbank, CA-based Walt Disney Co. itself on Sept. 20. S&P lowered Disney's corporate credit rating to A- minus from A; short-term corporate credit rating, A-2 from A-1; senior unsecured debt, A-minus from A; commercial paper, A-2 from A-1; senior unsecured shelf debt (preliminary), A-minus from A; and subordinated shelf debt (preliminary), BBB+ from A-minus.