SAN FRANCISCO — Standard & Poor’s said it downgraded the short-term rating on debt issued by a public arena in Wenatchee, Wash., to D from SP-3 after a $42 million default.

The district defaulted after the Washington Legislature refrained from passing a bill last week that would have enabled the Greater Wenatchee Regional Events Center Public Facilities District to pay off its bond anticipation notes before they matured Thursday.

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