Standard & Poor's Ratings Services lowered its long-term rating to BBB-plus from A-minus on Sedgwick, Kan.'s existing general obligation bonds.
The outlook is stable.
"The lowered rating is based on the application of our updated local GO criteria," said Standard & Poor's credit analyst Sarah Smaardyk. "The lowered rating also reflects our view of the city's weak budgetary flexibility and liquidity," Smaardyk added.
The city has a population of 1,611 and is located in Harvey County, about 22 miles north of Wichita. The local economy centers around manufacturing, education, and health care.
