that revenue at 35% of private schools it rated rose

Kurigram

Senior Member
Bangla
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?
 
  • pob14

    Senior Member
    American English
    The sentence is kind of a mess. Moody's rated private schools. At 35% of those schools, revenue rose less than 2%. I assume that it means that some of those schools actually had revenue fall, because a decrease in revenue is less than a 2% rise, but I'm really not sure.
     
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