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Pennsylvania’s Rating Cut by S&P After Fitch Downgrade

Pennsylvania’s general-obligation debt rating was cut for the second time in a week when it was lowered one step by Standard & Poor’s, citing the commonwealth’s weakened fiscal position and growing pension costs.

The drop to AA-, the fourth-highest level, matches a cut by Fitch Ratings on Sept. 23. In July, Moody’s Investors Service reduced the state’s grade to an equivalent Aa3, ascribing the downgrade to mounting liabilities for the sixth-most populous state.