CHICAGO — A Minnesota city that voted last month to cancel its lease and financial support for a struggling sports complex paid a steep price for its action, losing its investment-grade ratings even though the city contends it was simply exercising its legal rights.

Moody’s Investors Service and Standard & Poor’s quickly chopped Vadnais Heights’ formerly double-A bond ratings to junk after the city said it would sever its lease for the Vadnais Sports Center, which  supports payments on the $27 million of lease-backed revenue bonds issued to build the complex.

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