Standard & Poor's late Monday said it is conducting a more detailed review of public finance credits, including an adjustment to government credits that will place a greater emphasis on management.

The report said many governments with typical credit factors have an increased ability to adjust their response to economic downturns, a relatively recent development that has led the rating agency to "re-benchmark" government ratios with a greater eye to the management of the issuer. Standard & Poor's is also reviewing its ratings for water and sewer issues, elementary and secondary school districts, and other special districts.

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