Mamtek Credit Rating Drops
ST. LOUIS (AP) -- A credit rating agency has downgraded bonds the city of Moberly issued for a troubled project to produce artificial sweetener in central Missouri. Moberly guaranteed $39 million in bonds for the plant. Mamtek U.S. Incorporated planned to employ several hundred people, but the company laid off its employees and missed its first bond payment. A reserve fund was used to pay bondholders.