Texas Cities Face Fiscal Squeeze on Prolonged Oil Rout, S&P Says
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The credit ratings of Texas municipalities could suffer if tumbling oil prices slow the economy of the second-most-populous U.S. state, Standard & Poor’s said.
Oil has fallen from more than $100 a barrel in June to about $46. That may cost jobs and tax revenue in regions of Texas where the energy industry dominates the economy, the New York-based credit-rating company said in a report Thursday.