CHICAGO — Wayne County, Mich., which has its seat in Detroit, was hit Thursday with its third downgrade from a major ratings agency in three months as Standard & Poor's Thursday dropped the county's rating to the lowest-investment grade level.

S&P said the downgrade of Wayne County's GO debt to BBB-minus from BBB is due to the county's chronic failure to achieve structural balance as well as the rating firm's own revised general obligation bond criteria.

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