Source:
http://online.wsj.com/news/articles/SB10001424052702304672404579186153175094892
A report by Moody's Investors Service found that revenue at 35% of private schools it rated rose in the fiscal year ended June 2012 by less than the Federal Reserve's target inflation rate of 2%. In the year ended June 2009, the figure was 11%.
Hello! I am failing to find the follow in the bold part. What does "it" refers here? Could someone please help me here?
http://online.wsj.com/news/articles/SB10001424052702304672404579186153175094892
A report by Moody's Investors Service found that revenue at 35% of private schools it rated rose in the fiscal year ended June 2012 by less than the Federal Reserve's target inflation rate of 2%. In the year ended June 2009, the figure was 11%.
Hello! I am failing to find the follow in the bold part. What does "it" refers here? Could someone please help me here?