Standard & Poor's Ratings Services' July update to its sector economic and credit conditions forecast for U.S. public finance indicates that the slowing economy of the past quarter will be felt by state and local governments particularly in early-to-mid 2013.

The report, "U.S. Public Finance Economic And Credit Conditions Forecast: Overall Improvement Will Likely Slow With Some Exceptions," notes that while conditions will still generally improve, the slower growth will set the tone for governments' fiscal year 2014 budget processes.

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