Minnesota City Rating Cut 8 Steps After Ending Arena Payment
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Vadnais Heights, a Minneapolis suburb, had its general-obligation rating cut to junk by Moody’s Investors Service after the City Council voted to stop allocating payments to a sports center financed by bonds.
The eight-step downgrade to Ba1, one step below investment grade, follows similar action by Standard & Poor’s, which lowered the rating a total of 12 levels in July and August.