Standard & Poor’s last week dropped Davenport, Iowa’s general obligation rating by three notches to A from AA due to the city’s liquidity woes.

“The downgrade and outlook revisions reflect our view of the city’s continued limited liquidity position, the temporary use of restricted cash and bond proceeds to avoid cash-flow borrowing, and general fund reserves that rely on long-term receivables,” said Standard & Poor’s analyst Blake Yocom.

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