Standard & Poor’s Tuesday dropped its ratings for Bell to junk status, the latest blow to the working-class California community since reports emerged last month that it was paying its city manager almost $800,000.

The ensuing uproar led to the resignation of the manager, Robert Rizzo, and three high-ranking members of the city administration with higher-than-normal salaries.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.