Standard & Poor's Ratings Services has lowered its rating on Wayne Charter County, Mich.'s limited-tax general obligation (GO) bonds to 'BBB' from 'BBB+'. The outlook is stable. At the same time, Standard & Poor's assigned its 'SP-1' rating to the county's limited tax GO delinquent tax notes.

"The downgrade reflects ongoing financial deterioration caused primarily by a prolonged structural imbalance," said Standard & Poor's credit analyst Jane Ridley.

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