DALLAS - Hurricane-damaged Galveston has suffered a four-notch downgrade from Standard & Poor's, reversing the upgrade it received before the storm landed.

The ratings agency dropped the Texas city's general obligation credit from A-plus to BBB and left it on the negative watch list it was placed on Jan. 12. The agency also lowered the city's waterworks and sewer bond debt from A-minus to BBB.

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.