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St. Louis' Credit Rating Downgraded

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  St. Louis' credit rating has been downgraded by a credit rating agency.

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 attributes 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."

The Associated Press is one of the largest and most trusted sources of independent newsgathering, supplying a steady stream of news to its members, international subscribers and commercial customers. AP is neither privately owned nor government-funded; instead, it's a not-for-profit news cooperative owned by its American newspaper and broadcast members.
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