Standard & Poor's Ratings Services said it lowered its long-term rating and underlying rating to AA-minus from AA on Thief River Falls, Minn.'s general obligation debt outstanding.
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At the same time, Standard & Poor's assigned its AA-minus long-term rating to the city's series 2015A GO bonds. The outlook on all ratings is stable.
"The lowered ratings reflect weakened economic factors that do not align with those of peers at the higher rating," said Standard & Poor's credit analyst Antionette Maxwell.
