Standard & Poor's Ratings Services said it lowered its long term rating to AA from AA-plus on Plainview, Minn.'s, previously issued general obligation bonds.
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The outlook is stable.
"The rating action reflects our view of the city's weakened economy score, which no longer receives the positive adjustment for the city's proximity to a broad and diversified economy," said Standard & Poor's credit analyst Antionette Maxwell.
The stable outlook reflects the city's very strong budgetary flexibility and liquidity position supported by adequate management.
