Standard & Poor’s last week downgraded the city of Allen Park deeper into junk-bond territory, dropping its long-term rating on the Michigan city’s unlimited-tax and limited-tax general obligation bonds to B from BB-plus.

S&P also placed the city on creditwatch with negative implications. The city’s weak fiscal position has been weakened by the 2009 and 2010 issuance of $31 million of limited-tax GO bonds to support a now-failed film studio project.

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