CHICAGO — Moberly, Mo., lost its investment-grade rating last week after it declined to make good on its appropriation pledge on $39 million of revenue bonds issued for a Chinese company’s troubled artificial sweetener factory.

The city’s refusal to appropriate led the trustee to dip into reserves for a Sept. 1 debt payment.

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.