Standard & Poor's Ratings Services said it lowered its long-term rating on Plattsburgh, N.Y.'s general obligation bonds two notches, to A-minus from A-plus.
Processing Content
The outlook is negative.
"The downgrade is based on the implementation of our local GO criteria and reflects our view of the city's weak budgetary performance and expectation that it will continue," said Standard & Poor's credit analyst Hilary Sutton.
The city's faith and credit pledge secures the GO bonds.
Plattsburgh is in northeastern New York state, about 26 miles south of the Canadian border.
