CHICAGO – Standard & Poor’s hit the Detroit suburb of Lincoln Park, Mich. with a seven-notch downgrade, citing the city’s unwillingness to honor lease payments to a private company.

The move lowers the long-term rating on the city’s outstanding 2010 limited-tax general obligation bonds to BB from A-plus. The outlook is stable. The ratings agency does not maintain an unlimited-tax GO rating on the city.

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