DALLAS — Standard & Poor’s on Thursday downgraded the Dallas Center for the Performing Arts Foundation one notch to the lowest investment-grade rating of BBB-minus, citing ongoing budget shortfalls and management problems.

“The downgrade reflects our view of the lack of continuity and high turnover in the senior management team, combined with continued operating deficits due to, in our opinion, difficulty in managing demand and programming, in addition to continued delays in achieving the long-term fundraising goal,” said Standard & Poor’s analyst Bianca Gaytan-Burrell.

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