June 26, 2013 / 9:11 PM / 4 years ago

S&P cuts Floresville, Texas, GO ratings to BBB

June 26 (Reuters) - Standard & Poor’s Ratings Services on Wednesday cut the rating of Floresville, Texas, general obligation debt to BBB from A-minus. The outlook is stable.

The downgrade is due to the “deterioration of the city’s financial position to a level that we no longer deem to be commensurate with an ‘A-’ rating,” S&P said.

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