ALAMEDA, Calif. – Standard & Poor’s Thursday placed Bell, Calif.’s redevelopment agency bonds on negative CreditWatch, marking the latest setback for the small Southern California city in the wake of revelations of its unusual financial practices, which included paying its former city administrator almost $800,000 a year.

At least for now, Standard & Poor’s retains its BBB-plus rating on the Bell Community Redevelopment Agency’s tax allocation bonds.

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