ST. LOUIS (AP) – St. Louis’ credit rating has been downgraded by a credit rating agency.
The St. Louis Post-Dispatch reports 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 says 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.”
Information from: St. Louis Post-Dispatch, http://www.stltoday.com