St. Louis' credit rating downgraded

ST. LOUIS -- St. Louis' credit rating has been downgraded by a credit rating agency.

Moody's Investors Services downgraded the rating on $27.4 million of the city's outstanding general obligation bonds by one notch.

The agency also downgraded the rating on the St. Louis Municipal Finance Corporation's $123.5 million of outstanding rated lease revenue debt issued for essential purposes, as well as the rating on the corporation's $138.6 million of outstanding rated lease revenue debt for non-essential purposes.

Moody's says it attributes the St. Louis downgrade in part to the "city's weak socioeconomic profile, ... relatively narrow financial position; and a high debt burden."

St. Louis Comptroller Darlene Green said in a statement Monday the downgrade is because of the agency's "revised rating's methodology."