S&P cuts Vadnais Heights, Minn. long-term rating to 'D'

Tue Feb 26, 2013 12:44pm EST

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Feb 26 (Reuters) - Standard & Poor's Ratings Service on Tuesday said it cut Vadnais Heights, Minnesota's series 2010A, B and C annual appropriation lease revenue bonds, long-term rating to D from CC.

The downgrade reflects the city's principal payment default on $455,000 of bonds on Feb. 1, the rating agency said in a statement.

The rating agency said the city in the beginning of fiscal 2013 decided not to appropriate funds for its lease revenue bonds and does not intend to do so in the future.

Vadnais Heights is located in Ramsey County and is a second-ring suburb seven miles north of St. Paul.

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