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Centralia, Ill. Rating Cut

Standard & Poor’s has lowered Centralia, Ill.’s general obligation rating by one notch to A-minus as the city grapples with red ink.

“The downgrade is due to a substantial decrease in general fund liquidity caused by recent budgetary shortfalls,” said Standard & Poor’s analyst John Kenward.

The rating reflects the city’s manufacturing- and services-based economy and status as a regional economic center; and moderate debt burden, coupled with rapid amortization.

The city has adequate, but below-average, income levels; low market value per capita; and a high unemployment rate. Centralia is a non-home rule municipality located in southern Illinois.

Standard & Poor’s has lowered Centralia, Ill.’s general obligation rating by one notch to A-minus as the city grapples with red ink.

“The downgrade is due to a substantial decrease in general fund liquidity caused by recent budgetary shortfalls,” said Standard & Poor’s analyst John Kenward.

The rating reflects the city’s manufacturing- and services-based economy and status as a regional economic center; and moderate debt burden, coupled with rapid amortization.

The city has adequate, but below-average, income levels; low market value per capita; and a high unemployment rate. Centralia is a non-home rule municipality located in southern Illinois.

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