St. Louis' credit rating downgraded

3 years 3 months 3 weeks ago Tuesday, August 18 2015 Aug 18, 2015 Tuesday, August 18, 2015 6:02:08 AM CDT August 18, 2015 in News
By: The Associated Press

ST. LOUIS (AP) - St. Louis' credit rating was downgraded by a credit rating agency.

The St. Louis Post-Dispatch reported that Moody's Investors Services downgraded the rating on $27.4 million of the city's outstanding general obligation bonds by one notch.

The agency also downgraded the rating on the St. Louis Municipal Finance Corporation's $123.5 million of outstanding rated lease revenue debt issued for essential purposes, as well as the rating on the corporation's $138.6 million of outstanding rated lease revenue debt for non-essential purposes.

Moody's said it attributed the St. Louis downgrade in part to the "city's weak socioeconomic profile, ... relatively narrow financial position; and a high debt burden."

St. Louis Comptroller Darlene Green said in a statement Monday the downgrade is because of the agency's "revised rating's methodology."

 

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